European traders reported that the leading South Korean animal feed manufacturer Nonghyup Feed Inc., (NOFI), bought approximately 195,000 metric tonnes of animal feed corn on Wednesday in an international bid seeking up to a maximum of 207,000 tons.

The corn can be purchased from anywhere in the world.

A consignment due to arrive around November 20th was purchased at an estimated price of $232.99 per ton, cost and freight plus $1.50 for port unloading. It was thought that the seller would be CJ International, a trading house.

CHS was able to sell two more consignments. The estimated price for the consignment arriving around November 25 is $232.27 per ton, c&f. Plus a $1.50 surcharge per ton for port unloading.

A second consignment, due to arrive around December 10, was purchased at an outright price c&f of $232.27 per ton for 32,500 tonnes and also a premium of 179.00 U.S. Cents a bushel over the Chicago corn contract in December for the remaining 32,500 tons. The surcharge is $1.50 per ton for port unloading.

Traders said that the volume of goods supplied may vary slightly depending on the origin at seller's discretion.

The traders reported the detailed shipment period for each consignment earlier on Wednesday.

The reports reflect the opinions of traders, and it is possible to estimate prices and volume later.

This week, the tender continued to be a brisk buyer of Asian corn following a fall in Chicago corn futures due to forecasts for good weather in the United States.

Taiwanese importer MFIG bought 65,000 tonnes of animal feed corn Wednesday, after a number of South Korean corn purchases Tuesday. Michael Hogan, Reporting; David Goodman, Editing

(source: Reuters)