According to European traders, the Busan section (KFA) of the Korea Feed Association in South Korea bought an estimated 66,000 tons of animal feed grain from optional origins on Tuesday in a private transaction without launching an international tender.

The corn was reportedly purchased by Cargill for an estimated cost and freight of $233.75 per ton plus $1.25 extra per ton to cover port unloading.

They said that the corn will arrive in South Korea on or around November 20, and that it is not from the Black Sea region.

The reports reflect the assessments of traders, and future estimates on prices and volume are possible. Incheon's KFA section bought 65,000 tonnes of corn on a separate deal with a private party. Michael Hogan reports.

(source: Reuters)