According to European traders, the Korea Feed Association in South Korea bought an estimated 65,000 tons of animal feed in a private transaction late last week. There was no international tender.
They said that the corn would be imported from South America.
The KFA Busan section is believed to have purchased the cargo at a cost and freight rate of $235.74 per ton plus an additional $1.25 per ton for port unloading.
Arrival of corn in South Korea is scheduled for around September 20. The corn will be shipped from South America between July 18, and August 6,
The seller was thought to be the trading house Columbia Grain International. The reports reflect the assessments of traders, and it is still possible to estimate prices and volume later. Michael Hogan is reporting.
(source: Reuters)