South Korea buys 120,000 tonnes of corn

South Korea's Major Feedmill Group (MFG) purchased up to 120,000 tonnes of corn in two private non-tender deals late on Thursday, European traders said. The corn can be sourced optionally from the United States, Europe, Brazil or Argentina, they said. The corn was all purchased at $213.99 a tonne c&f plus a $1.50 a tonne surcharge for additional port unloading, they said.
It was purchased in two consignments, one for arrival around Apr. 17, with shipment in February to April depending on origin, they said.
The second consignment was purchased for arrival around Apr. 25, with shipment also in February to April depending on origin, they said.
Corn futures hit their highest prices since July 7 on Thursday on concern about Russian grain export restrictions and improving US export prospects following China's approval of some genetically modified corn.