South Korea’s NOFI, KFA buy 270k mt optional origin corn at tender

South Korea’s Nonghyup Feed Inc (NOFI) and Korea Feed Association (KFA) have closed corn tenders and booked a combined 270,000 mt of corn, trade sources told Agricensus Friday.

NOFI passed on the first position for arrival by August 5 and booked a 69,000 mt cargo from Bunge at $312.30/mt, plus a $1.50/mt for discharge in the second port for arrival by August 15.

The third position of 68,000 mt was covered by Cofco at $304.29/mt, plus a $1.50/mt for discharge in the second port.

The cargo is to arrive in South Korea by August 25.

Corn was sold basis worldwide origin, but shippers are most likely to source the cargoes from South America as premiums for Argentinian corn fell to 5 cents over the CME September contract.

KFA paid $305.31/mt on a CFR South Korea basis to Cofco for a 68,000 mt corn cargo with arrival by August 25.

Olam is believed to have sold the second parcel of 65,000 mt at $304.66/mt CFR South Korea.

The cargo is for arrival by September 20.

The loading windows for the positions were:

• June 8-27, June 18-July 17 and June 28-July 17 if shipped from South America
• June 13-July 2, June 23-July 12 and July 3-22 if sourced from the US Gulf or the Black Sea
• June 18-July 7, June 28-July 17 and July 8-27 for delivery from South Africa
• July 3-22, July 13-August 1 and July 23-August 11 for loading from the US PNW. 

For more information on South Korea buying, please see our Tender Dashboard.