September 3, 2010

Nonghyup Inc. buys 55,000 tonnes corn from Cargill

Nonghyup Inc., or NOFI, has bought 55,000 tonnes of optional origin corn from Cargill on a cost-and-freight basis at US$2.45/bushel over the December contract on the CBOT, said trading executives Thursday (Sept 2).

The cargo is scheduled for arrival by January 5. Traders said additional charges of US$1.50/tonne will be levied for unloading the cargo at second and third ports.

The South Korean feed-milling company was initially seeking up to four cargoes of corn but purchased only one, citing higher prices.