Major Feedmill Group of South Korea (MFG) bought between 65,000 and 70,000 metric tonnes of animal feed corn late last week in a private transaction without issuing a tender to the international market, European traders reported on Monday.

The estimated cost per ton was $248.40, including freight. There was also an extra $1.25 surcharge per ton for port unloading. Seller was thought to be CHS trading house.

Arrival of South Korea is around August 15th. If the shipment came from the U.S. Pacific Northwest Coast as some traders anticipated, it was between July 1 to 31.

By June 1, the volume of 65,000-70,000 must be declared. The reports reflect the assessments of traders, and it is still possible to estimate prices and volume later. Michael Hogan is reporting.

(source: Reuters)