August 30, 2006

South Korea's NOFI buys 190,000 tonnes feed corn in tender

South Korea's Nonghyup Feed Inc., or NOFI, bought 190,000 tonnes of feed corn in a tender concluded on Tuesday, a company official said Wednesday (Aug 30).

The first shipment of 55,000 tonnes of optional-origin corn would be supplied by trading house Glencore at a premium of 182.5 US cents a bushel above the Chicago Board of Trade December contract. The shipment will arrive in South Korea on Nov 25.

Trading house Mitsubishi would supply two shipments of optional-origin corn, totaling 110,000 tonnes, at a premium of 183.39 US cents/bushel above the CBOT December contract. One of the shipments would arrive on Dec 20 and the other on Dec 25, in South Korea.

Trading house Daewoo International will supply 25,000 tonnes of China-origin corn at US$162.18/tonne, cost and freight basis, to arrive in South Korea between Dec 20-31.