South Korea's MFG buys 55,000 tonnes feed corn at US$169/tonne

South Korean feed buying association Major Feedmill Group has bought 55,000 tonnes of optional-origin corn at US$169/ton, cost and freight included, in a tender concluded late Thursday, an association official said Friday (November 28).

He said the corn will be supplied by trading house Glencore and will arrive at the Incheon port between January 15 and February 5.

"This is the cheapest corn import by any South Korean company so far this year," the official said.

Corn futures have been falling at the bellwether Chicago Board of Trade, largely because of heavy fund liquidation due to the global financial crisis.