European traders reported that the Major Feedmill Group of South Korea (MFG) began buying animal feed corn on Wednesday in an international auction with an initial purchase of 130,000-135,00 metric tons.

Negotiations continue about additional purchases. The tender is for up to 210.000 tons of grain, due in February 2026.

A consignment of between 65,000 and 70,000 tons of steel was purchased at a combined estimated outright cost of $252.34 per ton, plus a surcharge of $1.50 per ton to cover additional port unloading. Seller was thought to be CHS trading house.

The second consignment, which amounted to about 65,000 tonnes, was bought at an estimated outright of $255.12 per ton and a ton C&F as well as a premium 200.06 U.S. Cents per bushel over the Chicago corn contract for March 2026. The seller was thought to be Bunge, a trading house.

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

(source: Reuters)