November 10, 2010

Nonghyup Feed Inc buys 110,000 tonnes optional origin corn

South Korea's major feed miller, Nonghyup Feed Inc. (NOFI) has purchased two cargoes totalling 110,000 tonnes optional origin corn, for arrival by March 20 and March 31, respectively.

One cargo has been purchased from Archer Daniels Midland at US$1.9477/bushel premium over the March contract on the CBOT, on cost and freight basis, and another from STX Corp. at US$1.9377 premium over the same CBOT contract.

The Korea Corn Processing Industry Association (Kocopia) Tuesday (Nov 9) bought two cargoes of non-GMO corn, one of 55,000 tonnes and the other of 48,000 tonnes, from Concordia with each at US$338.75/tonne, basis cost and freight for arrival by March 15 and April 10 respectively.

Kocopia also bought another cargo of 55,000 tonnes GMO corn from Cargill at US$318.50/tonne, c&f.