European traders reported that the Major Feedmill Group of South Korea (MFG) bought approximately 69,000 metric tonnes of animal feed corn from South America or South Africa at a Friday international tender.

A consignment of a shipment was purchased at a cost and freight rate (c&f), estimated to be $260.25 per ton, plus an extra $1.50 per ton for port unloading.

Cargill, a trading company, is believed to have sold the corn from South America/South Africa. It should arrive in South Korea by July 10.

The MFG was looking for up to 140 000 tons of corn, with separate offers made for origins from South America/South Africa or optional origin. It wasn't immediately clear whether any optional origin corn was purchased.

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

(source: Reuters)