Initial assessments by European traders indicated that the lowest bid in the Thursday tender from South Korean animal feedmaker Nonghyup Feed Inc. was $262.94 per metric ton, c&f.

The offer included 65,000 metric tonnes and a $1.50 surcharge per ton for port deloading. The wheat was believed to have been of U.S. origin and shipped from the Pacific Northwest Coast.

It is believed that Columbia Grain International, a trading company, submitted the offer.

Traders said that price negotiations are still ongoing and no purchases have yet been reported. The South Korean wheat tender is aiming for November arrival.

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

(source: Reuters)