European traders reported that the MFIG group of Taiwan bought 65,000 metric tonnes of animal feed corn from Brazil at an international auction on Thursday.

They said that the yellow corn was bought at a premium estimated to be 159.88 U.S. Cents per bushel over Chicago's corn contract for September 2024.

Cargill is believed to be the trading company that sold it.

The reports reflect the opinions of traders and it is still possible to estimate prices and volume later.

According to traders, shipments were sought between August 5 and 24 if corn was sourced in the U.S. Gulf or from Brazil or Argentina. If the corn was sourced from South Africa or the Pacific Northwest Coast of the United States, traders said shipment would be between August 20 and September 8.

Ten trading houses each offered 65,000 tonnes of Brazilian corn. The next lowest Brazilian offer was at an estimated premium of 160.7 cents c&f compared to Chicago.

The traders said that only one offer was made for U.S. Corn, 65,000 tons for 210.11 cents per bushel C&F over Chicago.

Chicago Board of Trade Corn futures closed higher on Wednesday, with the support of U.S. cash market strength, as U.S. Farmers have been reluctant in selling stored corn, which is still below prices seen late last year, at current prices.

No reports of corn from Argentina or South Africa were received.

Traders said that due to concerns over low quality, Argentine Corn would only be accepted if the lowest price was offered, and at least four cents per bushel less than the next cheapest offer of other origins.

In its last corn tender, MFIG purchased about 65,000 tonnes. This was also expected to come from Brazil. (Reporting and editing by Shinjini Ganuli, Shinjini Hogan)