January 8, 2024

South Korea's MFG buys more than 60,000 metric tonnes of feed corn on January 4

South Korea's Major Feedmill Group (MFG) has purchased an estimated 68,000 metric tonnes of animal feed corn in a private deal on January 4 without issuing an international tender, European traders said.

It was expected to be sourced from either the United States, South America or South Africa. It was bought at an estimated US$254.99 a tonne c&f including a surcharge for additional port unloading.

The seller was believed to be Cargill. The corn shipment is expected to arrive in South Korea around May 9.

If the shipment is sourced from the US Pacific Northwest coast, the delivery date would be between March 25 and April 24.

If the corn is sourced from South Africa, only 50,000 tonnes need to be supplied.

- Reuters