MFG buys some 69,000 metric tonnes corn in tender

The purchase is for animal feed
calendar icon 30 June 2023
clock icon 1 minute read

South Korea's Major Feedmill Group (MFG) purchased an estimated 69,000 metric tons of animal feed corn expected to be sourced from South America or South Africa in an international tender on Friday, Reuters reported, citing European traders.

It was bought in one consignment at an estimated $249.99 a ton c&f plus a $1.50 a ton surcharge for additional port unloading, the same price as paid by South Korean importers in corn deals on Thursday. GRA/TEND

Seller was believed to be trading house Bunge. The tender sought corn from optional origins for arrival in South Korea around Nov. 10.

The tender sought shipment between Sept. 12-Oct. 1 if sourced from South America or between Sept. 22-Oct. 11 if from South Africa with the seller free to select the origin. If South African corn is used, only 50,000 tons need be supplied.

Traders said low Chicago corn prices generated more Asian demand. U.S. corn futures fell to their lowest in nearly three weeks on Thursday, as rains bolstered crop prospects in the U.S. Midwest and traders braced for key acreage and stocks data due later on Friday from the U.S. Department of Agriculture.

Results of tender negotiations reflect assessments from traders and further estimates of prices and volumes are possible later.

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