According to European traders, the Korea Feed Association in South Korea bought an estimated 65,000 tons of animal feed grain from worldwide sources in a private transaction late on Wednesday night without holding an international tender.

The KFA Busan section purchased the corn from Posco for an estimated cost and freight of $248.74 per ton plus $1.25 extra per ton to cover additional port unloading.

Arrival of corn in South Korea is expected to be around June 15th. If the corn is sourced from U.S. Pacific Northwest Coast, then shipment will take place between May 7 to May 31.

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

(source: Reuters)