Leading South Korean animal feed manufacturer Nonghyup Feed Inc. (NOFI) bought nearly 135,000 tonnes of corn in two deliveries in an international auction from Tuesday, European traders said.
The one purchased consignment of 67,000 tonnes is expected to be delivered from South America and was purchased at an estimated closing price of $251.49 per tonne (c&f), plus a surcharge of $1.75 per tonne for unloading. The seller is believed to be trading house CJ International.
The other purchased consignment of 68,000 tonnes is expected to originate from the United States or South Africa and was purchased at an estimated final price of $249.49 per tonne (c&f) plus a port surcharge of $1.75 per tonne . The seller is believed to be Cofco.
The volume to be delivered may vary depending on the origin, with 68,000 tonnes coming from South America, 55,000 tonnes from the United States or 52,000 tonnes from South Africa.
If shipping from the US Pacific Northwest, delivery is for April 6 and April 25, if from the US Gulf between March 17 and April 5, from South America between March 12 and March 31, or from South Africa between March 22 and April 10.
Buying interest in Asia was sparked after U.S. corn futures fell to their lowest level in more than three years on Monday as low crude prices and favorable rainfall in Brazil weighed on markets, traders said.
Elsewhere in the world, Algeria's state grain agency OAIC announced an international tender to buy a nominal 50,000 tonnes of durum wheat, European traders said on Monday.
The deadline for submitting price offers for the auction is Wednesday, January 10, and offers must remain valid until Thursday, January 11, they said. The shipment is searched for in four periods: February 1-15, February 16-29, March 1-15, and March 16-31.
This auction should be watched carefully, as Algeria often buys more than the quantities originally requested.
At the beginning of the year, Japan also entered the market. Japan's Ministry of Agriculture, Forestry and Fisheries (MAFF) said it plans to buy a total of 89,260 tonnes of bread wheat from the United States and Canada in a regular auction that also ends on Thursday.
The one purchased consignment of 67,000 tonnes is expected to be delivered from South America and was purchased at an estimated closing price of $251.49 per tonne (c&f), plus a surcharge of $1.75 per tonne for unloading. The seller is believed to be trading house CJ International.
The other purchased consignment of 68,000 tonnes is expected to originate from the United States or South Africa and was purchased at an estimated final price of $249.49 per tonne (c&f) plus a port surcharge of $1.75 per tonne . The seller is believed to be Cofco.
The volume to be delivered may vary depending on the origin, with 68,000 tonnes coming from South America, 55,000 tonnes from the United States or 52,000 tonnes from South Africa.
If shipping from the US Pacific Northwest, delivery is for April 6 and April 25, if from the US Gulf between March 17 and April 5, from South America between March 12 and March 31, or from South Africa between March 22 and April 10.
Buying interest in Asia was sparked after U.S. corn futures fell to their lowest level in more than three years on Monday as low crude prices and favorable rainfall in Brazil weighed on markets, traders said.
Elsewhere in the world, Algeria's state grain agency OAIC announced an international tender to buy a nominal 50,000 tonnes of durum wheat, European traders said on Monday.
The deadline for submitting price offers for the auction is Wednesday, January 10, and offers must remain valid until Thursday, January 11, they said. The shipment is searched for in four periods: February 1-15, February 16-29, March 1-15, and March 16-31.
This auction should be watched carefully, as Algeria often buys more than the quantities originally requested.
At the beginning of the year, Japan also entered the market. Japan's Ministry of Agriculture, Forestry and Fisheries (MAFF) said it plans to buy a total of 89,260 tonnes of bread wheat from the United States and Canada in a regular auction that also ends on Thursday.
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