European traders reported that the MFIG group of Taiwan bought approximately 65,000 metric tonnes of animal feed corn, which was expected to come from the United States during an international auction on Wednesday.

They said that the yellow corn was bought at a premium estimated to be 186.60 U.S. dollars per bushel, cost and freight included (c&f), over Chicago's December 2025 corn contract.

The seller is believed to be Pan Ocean Trading House.

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

Six trading companies, each offering 65,000 tonnes of corn from the United States, dominated the tender.

Trading house Olam reportedly made three offers of Brazilian corn each totaling 65,000 tons. The lowest offer, at a price of 209.00 cents per ton over Chicago December, was reportedly submitted by the trading house.

There were no offers for corn from Argentina or South Africa.

The tender was seeking shipment between September 26 and 15 October if corn from the U.S. Gulf or Brazil, Argentina, traders reported.

The shipment must be made between October 11-30 if it is sourced from either the Pacific Northwest Coast of the United States or South Africa.

Traders said that due to concerns over poor quality, Argentine Corn would only be accepted if the price was the lowest offered, and the bushel price at least four cents below the next cheapest offering from another origin.

This week, Asian corn buyers have been active.

Chicago corn futures rose after good weather forecasts in corn-growing regions in the U.S.

The South Korean importer NOFI will also be tendering on Wednesday to purchase 207,000 metric tonnes of animal feed corn following a number of other Korean corn procurements on Tuesday. (Reporting and editing by Michael Hogan)

(source: Reuters)