March 25, 2004

South Korea Feed Group Buys 25,000MT Wheat, 52,500MT Corn

South Korea's Major Feedmill Group bought 25,000 metric tons of feedwheat and 52,500 tons of corn in private deals concluded late Tuesday, said traders who heard of the settlements.
 
In the feedwheat deal, the group, also known as MFG, paid $183.20 a metric ton, cost and freight basis to Kunsan port, from Bunge, the traders said Thursday.
 
The seller has the option of delivering either Chinese or Indian feedwheat, with the shipment dates set for April 1-April 30 and March 25-April 15 respectively, said a Seoul-based trader.
 
As for corn, Toepfer was the seller, at $189.95/ton, C&F Inchon basis, with the seller having the option to ship either Chinese or U.S. or South American corn, said the trader.
 
Arrival date is July 20, but shipment dates for Chinese corn would be June 25-July 25. If from the U.S. Pacific Northwest, the dates are June 10-July 10, while corn originating from South America or the U.S. Gulf would be shipped May 26-June 25, the trader said.
 
If the corn is of Chinese origin, Toepfer will ship it in two loads of 32,500 tons and 20,000 tons, said another Seoul-based trader.
 
At $189.95/ton, Toepfer is likely to supply Chinese corn, as this price is too low for U.S. and South American corn, said a third Seoul-based trader.
 
MFG couldn't be reached for comment at the time of writing.