November 6, 2023

South Korea's MFB buys estimated 132,000 metric tonnes of feed corn

South Korea's Major Feedmill Group (MFG) purchased an estimated 132,000 metric tonnes of animal feed corn to be sourced from optional origins in an international tender on October 31, European traders said.

One 66,000 tonnes of consignment was bought at an estimated US$254.33 a tonne c&f plus a US$1.50 a tonne surcharge for additional port unloading. The seller was believed to be ADM, with the arrival of the consignment at South Korea around February 22, 2024. Origins of the consignment were expected to be either the US Pacific Northwest Coast or South America.

Another 66,000 tonne of consignment was bought at an estimated US$256.50 a tonne c&f plus a US$1.50 a tonne surcharge for additional port unloading. Origins for the consignment were expected to be either the US Gulf, Black Sea or South Africa.

The exact tonnages in the consignments can vary according to the origin supplied, traders said. Prices were regarded as significantly low.

- Reuters