July 22, 2020

South Korea's feed agency rejects 69,000-tonne corn

According to European traders, the Korea Feed Association (KFA) have rejected all offers and made no purchase in a tender last Thursday to buy up to 69,000 tonnes of corn, Reuters reported.

Prices were regarded as too high.

The lowest price offered in the tender from the KFA's Busan section for corn sourced from any worldwide origin was said to be US$195.37 a tonne c&f, plus a US$1.25 a tonne surcharge for additional port unloading, made for 61,000 tonnes.

The KFA had also sought offers for corn sought from only the east Europe/Black Sea region, South America and South Africa.

The lowest price offered for these three origins was said to be US$192.50 a tonne, c&f plus a US$1 a tonne surcharge for additional port unloading, for 60,000 tonnes.

The corn was sought for arrival in South Korea around November 15.