South Korea's MFG tenders for up to 70,000 metric tons corn

MFG to purchase up to 70,000 metric tons of animal feed corn
calendar icon 22 January 2024
clock icon 1 minute read

South Korea's Major Feedmill Group (MFG) issued an international tender to purchase up to 70,000 metric tons of animal feed corn to be sourced from optional origins, Reuters reported, citing European traders.

The deadline for submission of price offers in the tender is Friday, Jan. 19.

The corn is sought for arrival in South Korea in one consignment around May 23, they said.

Falling corn prices are generating more Asian import purchasing, traders said. Large global supplies pushed Chicago corn futures to touch three-year lows on Thursday.

Corn sourced from Russia is excluded from the tender, traders said. Corn from any origins loaded in Russian or Ukrainian ports cannot be offered.

Shipment was sought between April 19 and May 8, if sourced from the U.S. Pacific Northwest coast, between March 30 and April 18 from the U.S. Gulf or Europe/Black Sea region, between March 25 and April 13 if from South America or April 4 and April 23 from South Africa.

Price offers in the tender are sought both in outright terms per ton cost and freight included (c&f) or at a premium over the Chicago May 2024 corn contract.

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