November 3, 2004

South Korea NOFI Buys Up To 155,000 MT Corn From Cargill

South Korea's Nonghyup Feed Inc., or NOFI, bought up to 155,000 metric tons of optional-origin corn from trading house Cargill in a tender concluded Tuesday, said a company official.

NOFI bought three cargoes to arrive in South Korea Jan. 5, Jan. 25 and Jan. 30, respectively. The first two cargoes are 52,500 tons each and the third is to be between 42,000-50,000 tons, the official said.

If Cargill is to supply US or South American corn, NOFI will pay $148.60 a ton for the first cargo and $147.90/ton for the other two cargoes. In both cases, Cargill can also supply Chinese corn at a discount of $6/ton, the official said.

All prices agreed are after cost and freight.

Below are the details of NOFI's buy tender Tuesday:

Quantity              Arrival Date          Origin                    Prices
(tons)                                                                         ($/ton)
52,500                     Jan. 5              US/S. Amer           148.60 
                               China              142.60
 
52,500                    Jan. 25              US/S. Amer           147.90 
                               China              141.90
 
42,000-50,000         Jan. 30              US/S. Amer          147.90 
                                                      China                   141.90