The Korea Feed Association has bought 110,000 tonnes of US corn for feed production from Cargill Inc, traders said on Thursday. The purchase, which was made during private negotiations late on Wednesday, was split into two lots of 55,000 tonnes each with December 10 and December 25 arrivals to the port of Intone.
Cargill will provide the US grain at $166.97 per tonne, including cost and freight. Corn buyers in South Korea, the world's second-largest importer, have recently snapped up the grain for December arrival, anticipating further spikes in freight rates and an upturn in corn futures prices.
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