November 19, 2012
South Korea buys South American soymeal
For arrival by end-April, South Korea's animal feed manufacturers have started buying new crop South American soymeal.
The Korea Feed Association and Major Feedmill Group on Friday (Nov 16) bought one cargo each of 55,000 tonnes of South American soymeal. KFA bought a cargo from Concordia at US$507/tonne, basis cost and freight, for arrival by April 30.
MFG bought soymeal from Glencore at US$505.36/tonne, C&F, for arrival by April 25, the trading executives said, adding that the group was originally seeking the cargo for arrival by early April but extended the date in order to get new crop soymeal, which is cheaper.
There is an additional charge of $2/ton for unloading part of the cargoes at a second port.
Asian buyers are snapping up soy and soymeal cargoes due to a recent decline in prices after the US revised up its soy production estimates and good progress in South American soy plantings that will be harvested early next year.
