European traders reported that the Major Feedmill Group (or MFG) of South Korea purchased approximately 266,000 metric tonnes of animal feed corn at an international auction on Wednesday.

Four consignments were purchased for South Korea's arrival in September and October.

CJ International sold a consignment of 67,000 tonnes at $235.99 per ton. Cost and freight were included. A $1.25 surcharge was added for port unloading. The shipment was scheduled to arrive in South Korea on September 28 and could have come from either the United States of South America.

Freepoint sold a second consignment, 67,000 tons, at $235.49 per ton C&F plus $1.50 for port deloading. The shipment was scheduled to arrive in South Korea on October 10, and could have come from either the United States, South America, or South Africa.

ADM was able to purchase two more consignments of 66,000 tons each at $235.35 per ton c&f, plus an additional $1.25 per ton for port unloading. The consignments were scheduled for arrivals in South Korea on October 17 and 23 and could have come from South America, South Africa or both.

The reports reflect the assessments of traders, and it is still possible to estimate prices and volume later. (Reporting and editing by Barbara Lewis, Michael Hogan)

(source: Reuters)