European traders reported on Friday that a group of 'South Korean flour mills' purchased an estimated 50,000 metric tonnes?of milling wheat?to be sourced from the United States through an international auction.

All wheat was purchased free-on-board (FOB) and shipped between June 1 and June 30.

United Grain Corporation is believed to be the seller. The purchase included 27,000 tons of'soft white wheat with between 9.5% and 11% protein content, purchased at a price of $234.71 per ton FOB. 855 tons soft white wheat with maximum 9% of protein were also purchased at a cost of $246.83 per ton, according to traders.

The purchase price for the hard red winter wheat was $251.78 per ton FOB. Also included were 13,770 tons dark northern spring wheat with a minimum of 14% protein at $268.96 per ton FOB.

South Korean mills bought 40,000 tonnes of wheat from Canada as well, traders reported.

The reports reflect the 'assessments of traders' and further estimates of volumes and prices are possible in the future. Michael Hogan, reporting from Hamburg and David Goodman editing the report)

(source: Reuters)