Nonghyup Feed Inc., the leading South Korean animal food maker (NOFI), bought an estimated 134,000 metric tonnes of animal feed corn on Tuesday in a?international bid that sought up to 207,000 metric tons.

Traders said that two consignments each of up to 67,000 tonnes of corn with an optional origin were purchased for arrival in June in South Korea. The total volume of corn purchased and the size of each consignment can vary depending on the origin chosen.

A third consignment of 67,000 tons, also sought in the tender, was not purchased by traders.

The estimated price was $243.99 per ton, including cost and freight. Plus an additional $1.50 for port unloading. It was thought that the?seller would be Mitsui, a trading house.

A second consignment?was?purchased at an estimated?outright?price of $242.94 per ton c&f, plus an additional $1.44 surcharge per ton for port unloading. It was thought that the seller would be CJ International, a trading house.

The first corn shipment was to arrive in South Korea on or around June 1.

If the corn comes from the United States, South America or is shipped via Cape of Good Hope (a route that's sometimes used to avoid attacks against shipping in the Red Sea), then 67,000 tons of corn should be provided for the first shipment. If the corn is sourced from South Africa or the U.S. Gulf, only 55,000 tons are required for the first consignment.

Second consignment to arrive in South Korea by June 10 was requested. If the second consignment is sourced in the United States, South America or South Africa, then 67,000 tons of grain should be provided.

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

(source: Reuters)