The Feed Leaders Committee, a South Korean import group, purchased 60,000 metric tonnes of soymeal in an international auction on Thursday. Soymeal was sourced from optional origins.

It is believed that the FLC purchased from Cofco, a trading house.

They said that about 40,000 tons were purchased for an estimated price of $331.90 per metric ton, c&f (including a surcharge) and 20,000 tonnes at a premium compared to Chicago soymeal contracts.

Arrival of soymeal in South Korea is expected to be around November 10.

The meal was believed to have been sourced most likely from South America.

Only 50,000 tonnes need to be provided if the product is sourced from America. If the product is sourced from China, Argentina or South America only 40,000 tonnes need to be provided.

The shipment was requested between September 22 and 21 if it came from the U.S. Pacific Northwest Coast, between August 28 to September 26 if it came from South America, or between October 10 and 11 if it came from China.

The reports reflect the assessments of traders. Further estimates on prices and volume are possible at a later date. (Reporting and editing by Louise Heavens, Michael Hogan)

(source: Reuters)