September 22, 2006

South Korea's Kocopia declines offers in 110,000 tonnes corn tender

Seoul-based Korea Corn Processing Industry Association (Kocopia) declined all offers received at a tender Thursday (Sep 21), an association official said.

Kocopia was seeking to buy up to 110,000 tonnes of optional-origin corn in the tender.

The official said while some Chinese offers were attractive, the buyers are expecting a further decline in freight rates in the coming weeks and therefore decided to wait to take advantage of lower freight rates.