The Korea Feed Association (KFA) purchased about 60,000 tonnes of corn in a tender which closed on Friday, bringing a surge of South Korean corn purchases in the past two days to 522,000 tonnes, European traders said. South Korea's largest animal feed maker Nonghyup Feed Inc. (NOFI) purchased about 69,000 tonnes of corn and the Feed Leaders Committee (FLC) bought about 65,000 tonnes of corn, both in private deals on Thursday, traders said on Friday.
This was in addition to other deals totalling about 328,000 tonnes reported on Thursday. Importers were bargain hunting after a fall in Chicago corn futures to one-month lows on Wednesday following a positive report on US crop conditions, traders said.
The KFA's Busan section on Friday bought its corn in one consignment all at $222.94 a tonne c&f plus a $1.25 a tonne surcharge for additional port unloading. Seller was thought to be trading house CHS, traders said. The KFA tender on Friday sought shipment between August 17 and September 5 if sourced from the US Pacific North West coast, between July 28 and August 16 if sourced from the US Gulf or east Europe, between July 23 and August 11 from South America and between August 2 and August 21 if from South Africa.
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