South Korea’s NOFI tenders to buy up to 138,000 T corn

Adds shipment periods from possible global origins, details

HAMBURG, March 26 (Reuters) - 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, European traders said on Tuesday.

The deadline for submission of price offers in the tender is also Tuesday, March 26.

Arrival of the corn in South Korea is sought in two consignments of 45,000 to 69,000 tons, both in July.

Traders said Asian buying interest was sparked as Chicago corn fell on Monday, with traders squaring positions ahead of the U.S. Department of Agriculture's (USDA) quarterly stocks and prospective plantings reports due on Thursday.

The first corn consignment in NOFI’s tender is sought for arrival in South Korea around July 1.

If sourced from the U.S. Pacific Northwest coast, shipment is sought between May 29-June 17, if from the U.S. Gulf between May 9-May 28, from South America between May 4-May 23 or from South Africa between May 14-June 2.

The second corn consignment is sought for arrival in South Korea around July 10.

If sourced from the U.S. Pacific Northwest coast, shipment is between June 7-June 26, from the U.S. Gulf between May 18-June 6, from South America between May 13-June 1 or from South Africa between May 23-June 11.

Sellers have the right to select the origin they will supply. Offers were sought both in outright prices per ton cost and freight with shipping included (c&f) and at a premium over the Chicago July 2024 corn contract CN24, traders said.

In its last reported corn tender on March 6, NOFI bought 133,000 tons at the lowest price of $236.23 a ton c&f for arrival in June.

(Reporting by Michael Hogan; Editing by Mrigank Dhaniwala)

((michael.j.hogan@thomsonreuters.com; +49 172 671 36 54; Reuters Messaging: michael.hogan.thomsonreuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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