European traders reported that the Major Feedmill Group of South Korea (MFG) purchased up to 140.000 metric tons animal feed corn at an international auction on Wednesday.

The two consignments, each weighing between 65,000 and 70,000 tonnes, were purchased from the trading house CHS.

The seller was free to offer a tonnage between 65,000 and 70,000 tons.

A consignment due to arrive in South Korea on or around November 5, was purchased for an estimated cost and freight of $234.83 per ton plus an extra surcharge of approximately $1.50 per ton for port unloading.

A second shipment for arrival in Korea on or around November 15, was purchased for an estimated $235.22 per ton, c&f plus an additional $1.50 surcharge for port unloading.

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

(source: Reuters)