December 19, 2005

South Korea's Kocopia buys 107,500 tonnes of corn

The Korea Corn Processing Industry Association (Kocopia) has bought 107,500 tonnes of optional-origin corn from trading houses Cargill and Glencore in a tender concluded Friday, a Seoul-based trader said.

While 52,500 tonnes of China-origin corn will be supplied at US$138.87/tonne, cost and freight, the remaining quantity will include US and South American-origin corn, to be supplied at US$144.87/tonne, C&F.

The trader did not specify the South Korean ports at which the cargoes will be delivered.

Corn shipped from China will be delivered between April 1 and 20, while corn from either Argentina or Brazil will be delivered between Feb 27 and Mar 10.

Corn shipped from the US Gulf will be delivered between Mar 1 and Mar 20, while delivery of corn shipped from the Pacific Northwest will be made in the Mar15-Apr 5 period.