Corn prices at South Korean tenders remain above $280/t C&F

According to market operators, the South Korean company Nonghyup Feed Inc. (NOFI) purchased about 134 thousand tons of feed corn of any origin at an international tender on October 7, out of a planned 207 thousand tons with shipment in January 2027.

 

The grain was contracted in two batches. The first batch of 68,000 tons was purchased from Mitsui at a price of $283.85/t C&F with a surcharge of $1.5/t for unloading at the port.

Another 66 thousand tons of corn were purchased from ADM at a price of $284.2/t C&F with a surcharge of $1.5/t for unloading.

 

In another tender held on October 8, South Korean Major Feedmill Group (MFG) purchased about 135 thousand tons of feed corn originating from the USA, South America or South Africa, with a planned purchase volume of 140 thousand tons.

 

The first batch of 67,000 tonnes was contracted from CJ International at a price of $283.6/t C&F with a surcharge of $1.2/t for unloading at the port. Delivery is due by January 28, 2027.

Another 68 thousand tons of corn were purchased from Bunge at a price of $283.66/t C&F with a surcharge of $1.25/t for unloading, with delivery by February 11, 2027.

 

Thus, the purchase prices for corn delivered to South Korea in January-February remain practically at the same high level as at the tenders in May , when processors purchased grain for delivery in September and October.

Last season, corn prices for delivery to South Korea were mostly at $240–250/t C&F, while in the current season they are consistently above $280/t C&F.

 

High import prices for feed corn are supported by reduced supply from the USA, rising stock market prices, and restrictions on grain supplies from the Black Sea ports of Ukraine and the Russian Federation.

 

This remains an important signal for the global corn market: despite the increase in the supply of the new crop in some countries, large importers in Asia continue to pay a premium for guaranteed supplies with long delivery times.

 

Maintaining South Korean procurement prices above $280/t C&F could support corn export quotes from the US and South America, especially if disruptions to Black Sea logistics continue.