November 21, 2007

South Korea's Nonghyup Feed buys 165,000 tonnes US corn

South Korea's Nonghyup Feed has bought 165,000 tonnes of US corn for March through May arrival, traders said on Tuesday (November 20).

The purchase was split into three lots of 55,000 tonnes of corn for March 15, April 15 and May 5 arrival.

South Korea's biggest feed maker agreed to buy the first lot from Daewoo International, a local trading firm, at a premium of 354 cents per bushel over the Chicago Board of Trade March contract.

Cargill will provide the second lot at US$291.47 per tonne, including cost and freight, and the third lot at US$283.47 per tonne.