Purchase prices for corn at the tender of South Korean companies decreased by 4% in a week

According to market operators, the South Korean company Nonghyup Feed Inc. (NOFI) purchased about 195 thousand tons of feed corn originating from the USA, South Africa, or South American countries at an international tender on November 20.

Two consignments of 65,000 tonnes each were purchased from Bunge at $249.46/t C&F (+$1.25/t for unloading at the port). Another 65,000 tonnes of corn were purchased from Pan Ocean at the same price, and all contracted consignments are due to be delivered to the buyer in March 2026.

The purchase price was significantly lower than a week ago, when South Korean animal feed producer Nonghyup Feed Inc (NOFI) on November 12 purchased 75,000 tons of feed corn from Agrocorp and Lotte at a tender price of $255.9 and $265.5/ton C&F for delivery by February 15, 2026.

In addition, in another tender on November 20, Major Feedmill Group (MFG) purchased about 68 thousand tons of corn originating from South America or South Africa from COFCO for delivery by April 10, 2026 at a price of $258.9/ton C&F. At the same time, if the corn is of South African origin, the batch volume will be 52 thousand tons.

Increased corn supply from South America, South Africa, and Ukraine continues to pressure prices for American corn, which typically dominates South Korean markets.