Major Feedmill Group of South Korea (MFG) bought up to 60,000 tons of soymeal on Tuesday in a private transaction without issuing a tender internationally, European traders reported on Wednesday.

The estimated cost of the ton (c&f), including any surcharges for port unloading, was $399.95. Trading house Cofco is believed to have been the seller.

They said that if the product is sourced from South America, 60,000 tons of it should be delivered but only 45,000 if it comes from Argentina. If the product is sourced from China or the United States, then 50,000 tons of it should be provided.

If you are coming from South America, the shipment will arrive in South Korea between Jan. 18 and Dec. 18, 2020.

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

(source: Reuters)