According to European traders, the Korea Feed Association in South Korea bought up to 62,000 tons of animal feed grain from around the world in a private transaction on Tuesday. There was no international tender.

The KFA Busan section is believed to have purchased the corn from Columbia Grain International for an estimated cost and freight of $238.65 per ton plus $1.25 extra per ton to cover additional port unloading.

Arrival of corn in South Korea is expected around 20 October. If the corn is sourced from either the Pacific Northwest Coast of America or South America, then 62,000 tonnes should be provided.

Only 55,000 tonnes of oil can be sourced from the U.S. Gulf, or South Africa.

The reports reflect the assessments of traders, and it is still possible to estimate prices and volume later. Michael Hogan is reporting.

(source: Reuters)