May 16, 2012
Nofi purchases 56,000 tonnes US corn from CHS Inc.
For arrival by November 20, South Korea's Nonghyup Feed Inc., or Nofi, bought Tuesday (May 15) a 56,000-tonne cargo of US corn from CHS Inc. (CHSCP) at US$275.65/tonne, basis cost and freight, trading executives said.
There is an additional charge of US$1.50/tonne each for unloading part of the cargo at a second and third port, they said.
May 2, Nofi bought US corn from ADM at US$290.34/tonne, C&F, for arrival by November 5 and an optional origin cargo from Alfred C. Toepfer International at US$274.90/tonne, C&F. Prices have since declined and optional origin corn cargoes for East Asia destinations are now offered around US$264/tonne, C&F, traders said.
Nofi was seeking two more cargoes of corn but passed on the option to buy as prices were above expectations, they said.
Corn prices have declined sharply this month in anticipation of a record output in the US, world's largest exporter, on the back of favourable weather and higher plantings.
CBOT July corn futures contract is now trading around US$5.88/bushel, down 7.3% from US$6.3425 in end-April.