In an international auction held on Tuesday, the Major Feedmill Group of South Korea (MFG) bought approximately 66,000 metric tonnes of animal feed corn, which could have been sourced from either the United States, South America, or South Africa.

A consignment of goods was purchased at a cost and freight rate (c&f), estimated to be $252.33, plus an extra $1.50 per ton for port unloading. Seller was thought to be ADM trading house.

The shipment was purchased for arrival around the 28th of July in South Korea. A second consignment up to 70,000 tonnes also sought by the tender for arrival in August was not purchased.

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

(source: Reuters)