Incheon, the South Korean section of Korea Feed Association (KFA), purchased up to 67,000 tons of animal feed grain to be sourced in optional origins on Wednesday in a deal that was done privately without announcing an international tender.

The corn is believed to have arrived in South Korea on October 30th, arriving at a cost of $236.29 per ton.

If the shipment comes from the U.S. Gulf, it will be between September 1-20. It can also come from South America from August 27 to September 15, or South Africa from September 11-30. This means that 67,000 tons of product must be provided from each origin.

Only 65,000 tons of product must be shipped between September 11 and October 10 if it is sourced from the U.S. Pacific Northwest Coast.

The reports reflect the opinions of traders, and it is still possible to estimate prices and volume later.

KFA Busan also purchased corn in a deal with a private buyer on Tuesday, and Korean importer MFG bought corn Wednesday at an international auction. Michael Hogan reports.

(source: Reuters)