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South Korea’s NOFI buys corn in tender, no feed wheat - traders.
Nov 25, 2021

South Korea's largest animal feed maker Nonghyup Feed Inc. (NOFI) has bought animal feed corn in an international tender which closed on Tuesday but rejected offers and made no purchase of 65,000 tonnes of animal feed wheat also sought, European traders said.
The precise tonnage of corn bought was unclear but said to be close to the total 138,000 tonnes sought with the purchase made in two roughly equal consignments.
The first consignment was bought at an estimated $317.99 a tonne c&f plus a $1.50 a tonne surcharge for additional port unloading for arrival in South Korea around March 5, 2022.
Seller was believed said to be trading house Cargill.
The second consignment was bought in the combination of a premium of an estimated premium of 219.82 U.S. cents over the Chicago March 2022 corn contract CH2 and an outright price of $317.90 a tonne c&f plus a $1.50 a tonne surcharge for additional port unloading.
The second consignment was believed to have been sold by trading house Viterra for arrival in South Korea around March 15, 2022.
Traders earlier on Wednesday detailed shipment periods from possible global origins.
The feed wheat had been sought for arrival around Jan. 25, 2022.
Traders said wheat prices offered were regarded as too high following sharp rises this week. GRA/ The lowest wheat offer was said to be $357.86 a tonne c&f for the full 65,000 tonnes.