European traders reported that the leading South Korean animal feed manufacturer Nonghyup Feed Inc., (NOFI), bought approximately 136,000 metric tonnes of animal feed corn, which could be sourced from either the United States, South America, or South America, in a Tuesday international tender seeking up to 207,00 tons.

They said that it was purchased in two consignments for an estimated cost and freight of $239.99 to $243.99 per ton. Some were also bought at a higher price than Chicago corn futures. This purchase includes an additional $1.50 per ton for port unloading.

Olam was listed as the seller of both consignments, and corn is expected to arrive in South Korea by January 2025.

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

(source: Reuters)