South Korean feed millers have bought about 160,000 tonnes of corn for feed production through private negotiations from Cargill, with arrivals between December and January, trade sources said on Tuesday.
The feed millers had bought two Panama cargoes of US corn and one Panama cargo of Chinese corn in the past two weeks, they said. The groups included the Korea Feed Association and Nonghyup Feed Inc.
The Korea Feed Association had bought 55,000 tonnes of US No 3 yellow corn at $140.40 a tonne, cost-and-freight (C&F), with arrival on January 30 at the western port of Intone, the sources said.
The deal was done last on Thursday. Two major South Korean feed millers had also bought 55,000 tonnes of US No 3 yellow corn at $140.90 a tonne, C&F, with arrival on January 10 at the ports of Knudsen and Susan, the sources said.
The deal was done a week and the price included a charge of $1.0 a tonne for delivery to the second port.
Separately, Nonghyup Feed had bought 52,500 tonnes of Chinese corn at $134.90 a tonne, C&F, with arrival on December 30 to the Intone port, they said. The deal was concluded two weeks ago.