September 4, 2006

South Korean companies buy 165,000 tonnes corn in private deals

Two South Korean feed-buying groups and a private agro-products company bought 165,000 tonnes of corn in separate private deals, traders in Seoul said Friday (Sep 1).

The Pusan branch of Korea Feed Association bought 55,000 tonnes of optional-origin corn from trading house Cargill, for shipment to Pusan or Ulsan ports on Dec 30.

While corn of US or South American origin will be supplied at US$165.50/tonne, corn of Chinese-origin will be supplied at US$160.50/tonne, both excluding a US$1/tonne second port discharge premium.

Separately, Major Feedmill Group bought 55,000 tonnes of optional-origin corn from trading house Toepfer for delivery between Nov 1 and Nov 20.

Corn of US-origin will be supplied at US$165.40/tonne, and corn of China-origin will be supplied at US$160.40/tonne.

Private company Agribrands Purina Korea Inc bought 55,000 tonnes of US origin corn at US$166.30/tonne for Dec 10 shipment, traders said, adding that information about the seller was not available.