Major Feedmill Group of South Korea (MFG) bought approximately 120,000 metric tonnes of soymeal in an auction on Monday. The soymeal could have been sourced from the United States or South America, but also China, traders reported.

Both consignments of 60,000 tons were purchased at an estimated cost and freight per ton (c&f), including a surcharge to cover additional port unloading. Trading house Cofco is believed to have been the seller.

The first shipment was due to arrive in South Korea on October 15, and the second around November 10. The initial tender volume was 60,000 tons. Also, the arrival dates were different than originally sought.

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

(source: Reuters)