In an international auction held on Wednesday, the Feed Leaders Committee of South Korea (FLC) bought about 65,000 metric tonnes of animal feed corn from anywhere in the world.
They said that one consignment had been purchased from the trading house Mitsui for an estimated price of $226.05 per ton, cost and freight plus $1.50 extra per ton to cover additional port unloading.
Around December 20, corn was expected to arrive in South Korea.
The shipment was requested between November 1-30 if it came from the U.S. Pacific Northwest Coast, between October 12-10 if it came from the U.S. Gulf coast, or between October 7-5 if coming from South America, or between October 22-20 if coming from South Africa.
The seller is free to choose the origin of the product. If the source is from the U.S. Gulf, or South Africa only 55,000 tonnes are required.
The reports reflect the opinions of traders, and it is still possible to estimate prices and volume later.
The Chicago corn futures fell to their contract lows Tuesday, as the U.S. Department of Agriculture predicted a record U.S. harvest in 2013, as farmers planted more than they expected and had a good summer. (Reporting and editing by Bernadettebaum, Michael Hogan)
(source: Reuters)