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South Korea's largest feedmaker, Nonghyup Feed Inc (NOFI), has issued an international tender to purchase about 60,000 tonnes of feed wheat to be sourced from optional origins, European traders said on Friday. Tender deadline is also Friday March 22.
NOFI is seeking feed wheat in one consignment for arrival in South Korea around Sept. 25, traders said. "It looks like some Korean importers are testing the wheat market after heavy corn purchases in the past month," one trader said. "Corn prices have also increased sharply."
Korean importers including NOFI itself, the Korea Feed Association and Feed Leaders Committee made a series of large corn purchases in early March after prices fell. But Chicago corn prices jumped more than 1 percent on Thursday as flash flooding in the US Midwest corn belt stoked fears of planting disruption. NOFI's tender seeks shipment between Aug. 23 and Sept. 11 for wheat sourced from the US Pacific Northwest coast, Australia or Canada; Aug.

Copyright Reuters, 2019

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