According to European traders, the Korea Feed Association's (KFA) Busan Section in South Korea bought an estimated 70,000 tons of animal feed grain from South America or South Africa on Thursday in a deal that was not subjected to an international tender.

The corn is believed to have arrived in South Korea on Feb. 5, 2025, at a cost of $249.99 per ton (c&f), including a surcharge to cover additional port unloading.

Shipping dates for South America were between November 27 and December 27. Only 50,000 tonnes need to be delivered if sourced from South America.

The reports reflect the assessments of traders, and it is still possible to estimate prices and volume later. Michael Hogan is reporting.

(source: Reuters)