South Korea’s NOFI tenders to buy 138,000 metric tons corn
HAMBURG, Aug 31 (Reuters) – Leading South Korean feedmaker Nonghyup Feed Inc. (NOFI) has issued an international tender to purchase up to 138,000 metric tons of animal feed corn to be sourced from optional origins, European traders said on Thursday.
The deadline for submission of price offers in the tender is also Thursday, Aug. 31.
Arrival of the corn in South Korea is sought in two consignments of 55,000 to 69,000 tons.
The first corn consignment in NOFI’s tender is sought for arrival in South Korea around Dec. 17, 2023.
If sourced from the U.S. Pacific Northwest coast, shipment of is between Nov. 13-Dec. 2, if from the U.S. Gulf between Oct. 24-Nov. 12, from South America between Oct. 19-Nov. 7 or from South Africa between Oct. 29-Nov. 17.
The second corn consignment is sought for arrival in South Korea around Jan. 2, 2024.
If sourced from the U.S. Pacific Northwest coast, shipment is between Nov. 29-Dec. 18, from the U.S. Gulf between Nov. 9-Nov. 28, from South America between Nov. 4-Nov. 23 or from South Africa between Nov. 14-Dec. 3.
Offers were sought both in outright prices per tonne c&f and at a premium over the Chicago December corn contract CZ3, traders said.
Asian corn purchase interest was sparked by a fall in Chicago corn futures Cv1 this week, pressured partly by lacklustre U.S. export demand, traders said.
The Korea Feed Association (KFA) has also issued an international tender to purchase up to 68,000 metric tons of animal feed corn closing on Thursday.
(Reporting by Michael Hogan, editing by Robert Birsel)
((michael.j.hogan@thomsonreuters.com; +49 172 671 36 54; Reuters Messaging: michael.hogan.thomsonreuters.com@reuters.net))
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