October 1, 2003



No China Corn For South Korea's Samyang Genex

South Korea's Samyang Genex Corp. decided not to buy any Chinese corn in a tender seeking 25,000 metric tons or 30,000 tons Wednesday, said an official from the Korea Corn Processing Industry Association (Kocopia). Samyang Genex is a member company of Kocopia.


This after the company issued a tender buy on earlier Wednesday for 25,000 metric tons to 30,000 tons of Chinese corn for human consumption.


The company had sought shipment dates of Jan. 16 to Feb. 5, 2004. A decision was made to lay off buying Chinese corn as the outlook for China's export was uncertain, said the Kocopia official.


Trade participants have said that firm offers of Chinese corn for shipment next year are few as the financial support scheme for Chinese exports is still uncertain. There are expectations that the Chinese government will lower tax rebates and so affect the supply of corn available for export.


Earlier Wednesday, Kocopia also failed to buy any corn in a separate tender seeking 105,000 tons. Kocopia didn't buy the corn due to similar Chinese shipping concerns and high prices of other origins.


In September, Kocopia bought 105,000 tons of Chinese corn from Dalian Huaxing Enterprise in a tender. The non-GMO corn for food will be split into two equal lots for Incheon. Kocopia agreed to buy one lot for expected arrival Jan. 10, 2004, at US$121.30 a ton, cost and freight. The second lot, for expected arrival Jan. 25, 2004, was purchased at S$121.40/ton, C&F.