November 27, 2023

South Korea's FLC buys more than 50,000 metric tonnes of corn for feed

South Korea's Feed Leaders Committee (FLC) purchased around 52,000 metric tonnes of animal feed corn in a private deal last week without issuing an international tender, European traders said on November 24.

The corn was believed to have been purchased at an estimated $260.90 a tonne c&f with an additional $1.50 a tonne surcharge for additional port unloading. The seller was believed to be trading house Mitsui.

The corn was expected to be sourced from South America, likely from Brazil, traders said. Shipment was between December 5, 2023, and January 5, 2024, with arrival in South Korea around February 14, 2024.

The deal followed a purchase by South Korean importer NOFI of between 65,000 tonnes and 68,000 tonnes of animal feed corn in an international tender for up to 138,000 tonnes last week.

- Reuters