The Feed Leaders Committee of South Korea (FLC) bought?about 67,000 tons of animal feed?from a variety of?worldwide?originations?in a Wednesday international tender, traders in Europe reported.

A consignment of a cargo was purchased from the trading house Mitsui for an estimated price of $257.98 per ton, cost and freight included (c&f).

The corn was wanted to arrive in South Korea by July 25.

Corn prices fell on Wednesday, traders said. This was after the United States and Iran had agreed to a 2-week ceasefire in their Middle East conflict.

In an international auction held on Wednesday, the Korea Feed Association (KFA), a South Korean organization, also purchased approximately 66,000 tonnes of feed corn.

If the corn was sourced in the U.S., the FLC wanted to ship between June 6 and 7 if it is from that source. Pacific Northwest Coast, between June 6 and July 5 if the corn is sourced from U.S.

The seller is free to choose the origin of a product. Only 55,000?tons of?oil need to be supplied if sourced via the Panama Canal or South Africa.

The reports reflect the assessments of traders, and future estimates of tonnages and prices are possible. Reporting by Michael Hogan, Hamburg Editor by David Goodman

(source: Reuters)