The Feed Leaders Committee of South Korea (FLC) purchased around 68,000 tons of animal feed in a private transaction on Thursday, without launching an international tender.

The grain is available from all over the world, except for the Black Sea.

The corn was bought at an estimated cost of $235.89 per ton, including freight. There was also an additional surcharge of $1.50 per ton for port unloading. The seller was thought to be Cargill, a trading house.

Arrival in South Korea was scheduled for November 2. The shipment of products originating from the U.S. Pacific Northwest Coast was between September 14 to October 14.

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

After a week of falling Chicago corn prices, the deal was part of a continuing series of South Korean corn purchase on Thursday. Michael Hogan reports.

(source: Reuters)