March 1, 2007

South Korea's MFG seeking 330,000 tonnes corn in tender

South Korea's Major Feedmill Group, or MFG, is seeking to buy a total 330,000 tonnes of optional-origin and US corn in a tender which may be concluded over the next few days, a trader in Seoul said Wednesday (Feb 28).

The trader said the recent fall in corn prices on the Chicago Board of Trade has encouraged the group to go for floating tenders, although it is finding the offers on the pricey side and may take some time to arrive at a decision.

If the tender does go through, the corn shipments should begin in July, the trader said. He was unable to give a range of dates for when the entire shipment is scheduled to land in South Korea.