Major Feedmill Group (MFG) bought about 139,000 tonnes of corn in an international tender, the latest in a series of purchases by South Korean firms, European traders said on Thursday. The deal brought the amount of corn purchases by South Korean firms reported on Thursday to about 328,000 tonnes, after MFG earlier bought 69,000 tonnes in a tender issued on Wednesday and the Korea Corn Processing Industry Association (KOCOPIA) bought 120,000 tonnes.
"There seems to be rapid bargain hunting by importers after prices fell, with corn prices expected to be volatile in coming months as the market focuses on US weather and crop development," one European trader said. Chicago July corn fell 1.6 percent on Wednesday, hitting a one-month low on better-than-expected US crop condition ratings.
In its 139,000 tonne deal on Thursday, the MFG bought one consignment of 69,000 tonnes at $220.83 a tonne c&f plus a $1.25 a tonne surcharge for additional port unloading, traders said. Seller was said to be trading house Bunge. The corn is for arrival around September 15.
The second consignment was said to be a maximum 70,000 tonnes and was bought at $220.58 a tonne c&f plus a $1.00 a tonne surcharge for additional port unloading, traders said. Seller was said to be trader MSK with arrival in South Korea around September 26. All the corn is expected to be sourced optionally from the United States, east Europe, South America or South Africa.
Comments
Comments are closed.