In tenders in South Korea, corn purchase prices again turned out to be quite low

According to Reuters, two South Korean companies held tenders for the purchase of feed corn on July 23.

Major Feedmill Group (MFG) has purchased 140,000 tonnes of corn (two lots of 65-70,000 tonnes) from CHS in an international tender. The first lot was purchased for delivery by November 5 at a price of $234.83/t C&F plus a surcharge of $1.5/t for unloading at another port, and the second lot was purchased for delivery by November 15 at a price of $235.22/t C&F plus a surcharge of $1.5/t for unloading at another port.

The KFA Association purchased 67,000 tons of feed corn under a private agreement at a price of $236.29/ton C&F with delivery by October 30. If the shipment is to be made from ports in the Gulf of Mexico, it will take place from September 1 to 20, from ports in South America from August 27 to September 15, from ports in South Africa from September 11 to 30. If the corn is to be shipped from ports on the Northwest Coast of the United States, then only 65,000 tons should be delivered from September 11 to October 10.

Recall that on June 10, two Korean companies purchased 270 thousand tons of corn at a tender price of $234.6/ton C&F with delivery in September - October.

Low prices for American corn (December futures in Chicago are trading at $165/t) are contributing to the fact that importers are actively buying batches of cheap corn, and Ukrainian exporters may face low prices and low demand at the beginning of the new season.