May 19, 2006

South Korea Kocopia passes on corn tender

Seoul-based Korea Corn Processing Industry Association, or Kocopia, has passed on a buy tender for two cargoes of optional-origin, non-genetically modified corn totaling 110,000 tonnes, said a Seoul-based trader Friday (May 19).

According to the trader, the company apparently declined an offer from Bunge Ltd for one cargo of US or South American corn at US$153.33/tonne or US$143.33/tonne of Chinese origin, on a cost-and-freight basis, as it is looking to purchase two cargoes at the same price.

Kocopia had sought two cargoes of 52,500-55,000 tonnes each, the first for Sept 20 shipment and the second Oct 10.

Kocopia would most likely issue a re-tender next week, the trader said.