Leading South Korean feedmaker Nonghyup Feed Inc. (NOFI) has issued an international tender to purchase up to 138,000 metric tons of animal feed corn to be sourced from optional origins, European traders said on Wednesday.
The deadline for submission of price offers in the tender is Wednesday, Sept. 13.
Arrival of the corn in South Korea is sought in two consignments of 45,000 to 69,000 tons, both in January 2024.
Traders said Asian buying interest was sparked by sharp falls in U.S. corn futures Cv1 on Tuesday equalling last month’s 32-month lows, after improved forecasts for the U.S. harvest.
NOFI’s corn can be sourced from optional origin excluding Russia. Ports in Russia and Ukraine cannot be used for loading, traders said.
The first corn consignment in NOFI’s tender is sought for arrival in South Korea around Jan. 11.
If sourced from the U.S. Pacific Northwest coast, shipment is between Dec. 8 and Dec. 27, if from the U.S. Gulf or East Europe between Nov. 18 and Dec. 7, from South America between Nov. 13 and Dec. 2 or from South Africa between Nov. 23 and Dec. 12.
The second corn consignment is sought for arrival in South Korea around Jan. 19.
If sourced from the U.S. Pacific Northwest coast, shipment of the second consignment is between Dec. 16 and Jan. 4, from the U.S. Gulf/east Europe during Nov. 26-Dec. 15, from South America between Nov. 21 and Dec, 10 or from South Africa between Dec.1 and Dec. 20.
Offers were sought both in outright prices per ton c&f and at a premium over the Chicago March 2024 corn contract CH24, traders said.
Source : Hellenic Shipping News Worldwide