European traders reported on Wednesday that the Major Feedmill Group of South Korea (MFG) had issued an international bid to buy around 70,000 tons of animal feed.

Only corn from South America and South Africa is acceptable for delivery to South Korea by December.

The deadline to submit price offers is Friday, August 14.

The corn was wanted for two possible shipping periods, although traders stated that they only expected to buy one shipment of 55,000-70,000 tons.

First possible consignment to arrive in South Korea by December 5 was requested for shipment between October 2-21 from South America, or between October 17 and Nov 5 from South Africa.

Second possible shipment for arrival around December 10 in South Korea was sought. It could be shipped between October 7 and 26 if it comes from South America, or between October 22 to November 10 if it comes from South Africa.

The price offers can be in the form of a per ton, cost with freight included (c&f), or a premium on the Chicago December corn contract.

After Chicago, traders reported that Asian buyers showed a strong interest in buying.

corn futures plunged

The U.S. Department of Agriculture forecast a record corn harvest in the United States this year.

In an international auction held on Wednesday, the Feed Leaders Committee of South Korea also bought about 65,000 tonnes of animal feed corn from anywhere in the world. (Reporting and editing by Christina Fincher, Michael Hogan)

(source: Reuters)