November 15, 2004

South Korea NOFI Fails To Buy Soymeal In Friday Tender

South Korea's Nonghyup Feed Inc., or NOFI, failed to buy any soymeal in a tender concluded Friday, said a Seoul-based trader who received the tender result.

NOFI had sought to buy either 55,000 metric tons of U.S. or South American soymeal, or 23,500 tons of Indian soymeal. The company turned down offers because they were too expensive, according to the trader.

The lowest offer was from trading house Cargill at $230.82 a ton for Indian soymeal or at $236.66 a ton for either U.S. or South American soymeal.

Prices offered are after cost and freight.

NOFI has yet to announce a retender date, the trader said.