In an international auction held on Tuesday, European traders reported that the leading South Korean animal feed manufacturer Nonghyup Feed Inc. purchased an estimated 135,000 tons of animal feed grain. The corn was expected to come from South America.

They said it was purchased in two consignments at an estimated cost and freight of $240.06 per ton, some at a premium to Chicago corn futures.

CJ International sold a consignment weighing approximately 67,000 tons with a $1.75 surcharge per ton for port unloading. CJ International consignment of corn was purchased at a premium of approximately 173 U.S. Cents per bushel compared to the Chicago September Corn contract, according to traders.

Arrival of corn in South Korea was scheduled for Nov. 1.

A second consignment of 68,000 tonnes was purchased from the trading house Pan Ocean, with a $1.50 surcharge per ton for port unloading.

Pan Ocean’s shipment was to be shipped from South America between September 3-October 2 with an expected arrival in South Korea on or around November 10.

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