HAMBURG: Leading South Korean animal feed group Nonghyup Feed Inc. (NOFI) purchased around 60,000 metric tons of animal feed wheat in a private deal on Friday without issuing an international tender, European traders said on Monday.
The wheat can be sourced from optional origins, they said.
Price was estimated at $288.00 a ton c&f plus a $1.50 a ton surcharge for additional port unloading. Seller was said to be trading house ADM.
It was for arrival in South Korea around Sept. 1.
Shipment was between July 18-Aug. 17 if sourced from US Pacific Northwest coast, Australia or Canada; between July 1-Aug.1 if from the Black Sea with shipment via the Red Sea to Asia; between June 13-July 13 from the Black Sea with transit via the Cape of Good Hope; between June 24-July 24 from the European Union with shipment via the Red Sea to Asia; between June 16-July 16 from the European Union with transit via the Cape of Good Hope or between June 30-July 30 if from the US Gulf.
Chicago wheat prices bounce back
Repeated attacks on Red Sea shipping by Yemen’s Houthis mean many ships are taking the longer transit route to Asia via the Cape of Good hope in South Africa. Reports reflect assessments from traders and further estimates of prices and volumes are still possible later.
South Korea’s Major Feedmill Group (MFG) purchased an estimated 63,000 metric tons of feed wheat in an international tender on Friday from ADM at the same price, traders said.
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