HAMBURG: South Korea’s Major Feedmill Group (MFG) purchased an estimated 65,000 to 70,000 metric tons of animal feed corn in a private deal late last week without issuing an international tender, European traders said on Monday.
It was bought at an estimated $248.40 a ton cost and freight (c&f) included plus an additional $1.25 a ton surcharge for additional port unloading.
Seller was believed to be trading house CHS. Arrival in South Korea was around August 15.
US export demand pulls corn prices higher
If sourced from the US Pacific Northwest coast as some traders expected, shipment was between July 1 and July 31.
The volume to be supplied between 65,000 to 70,000 must be declared by June 1.
Reports reflect assessments from traders and further estimates of prices and volumes are still possible later.
American Dollar Exchange Rate