January 8, 2008

South Korea's NOFI to buy 385,000 tonnes of corn
 

South Korea's Nonghyup Feed Inc bought a total 385,000 tonnes of optional-origin corn from trading houses Archer Daniels Midland and Toepfer in a tender concluded late Monday, a trader in Seoul said on Tuesday (January 8, 2008).

The corn could be of US or South American origin.

The entire quantity, divided into seven cargoes of 55,000 tonnes each, will be delivered between April 5 and July 1.

One cargo will be sold at a premium of 366.12 US cents a bushel to the Chicago Board of Trade March contract, two cargoes will be sold at premiums of 317.73 cents/bushel and 318.76 cents/bushel to the CBOT May contract, while another cargo will be sold at a premium of 316.60 cents/bushel to the July contract.

The remaining three cargoes will be sold at a price range of US$313-US$314/tonne.