South Korea’s MFG buys about 136,000 T corn in tender (updated)

Pan Ocean

11/10/2023 11:21

(Adds shipment periods from possible global origins)
       HAMBURG, Oct 11 (Reuters) - South Korea's Major Feedmill
Group (MFG) purchased an estimated 136,000 metric tons of animal
feed corn in an international tender on Wednesday, European
traders said.
    The tender sought corn in two consignments for arrival in
South Korea in February 2024.
    The first consignment was bought at an estimated outright
price of $252.30 a ton c&f plus a $1.50 a ton surcharge for
additional port unloading. The seller was believed to be trading
house Pan Ocean.
    The second consignment was bought at an estimated outright
price of $255.90 a ton c&f, also plus a $1.50 a ton surcharge
for additional port unloading. The seller was believed to be
trading house Sierentz.
    Results reflect assessments from traders and further
estimates of prices and volumes are still possible later.
    The first consignment was expected to be sourced from
worldwide origins excluding Russia or cargo loaded in Russia and
Ukraine.
    Shipment of the first consignment for arrival in South Korea
around Feb. 6 was sought for Jan. 3-22 if sourced from the U.S.
Pacific Northwest coast; between Dec. 14-Jan. 2 from the U.S.
Gulf and from east Europe/the Black Sea region; for Dec. 9-28
from South America; or from Dec. 19-Jan. 7 from South Africa. 
    If the first consignment is sourced from South America or
the U.S. Pacific Northwest coast, 68,000 tons will be supplied.
If sourced from east Europe 60,000 tons, 55,000 tons if from the
U.S. Gulf and 50,000 tons from South Africa.
    The second consignment for arrival in South Korea around
Feb. 16 was expected to be sourced either from South America or
South Africa.
    Shipment was between Dec. 19-Jan. 7 from South America or
from Dec. 29-Jan. 17 from South Africa. Only 52,000 tons need be
supplied if South African origin is supplied.

 (Reporting by Michael Hogan
Editing by Mark Potter)
 ((michael.j.hogan@thomsonreuters.com; +49 172 671 36 54;
Reuters Messaging:
michael.hogan.thomsonreuters.com@reuters.net))