Major Feedmill Group of South Korea (MFG) bought around 68,000 metric tonnes of animal feed corn on a private basis without launching an international tender on Tuesday, European traders reported.

The estimated cost of the ton was $233.99, including freight. A $1.25 extra charge for port unloading was added.

It was anticipated that the purchase would come from South America, or South Africa. The shipment from South America took place between July 20th and August 20th. If the corn comes from South Africa only 55,000 tonnes are required.

Freepoint is believed to have been the seller. Separate corn purchases made by Korean importers NOFI & KFA on Tuesday led to the deal.

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

(source: Reuters)