South Korea buys four July corn cargoes at $216/mt

South Korean feed companies have returned to the corn market to pick up a quarter of a million mt, market sources told Agricensus Wednesday.

Four deals were said to have been completed, with KFA and MFG both picking up a cargo each alongside two private buyers in deals priced at $216/mt, $216.50/mt and $218/mt CIF, according to a market source.

All cargoes are expected to be delivered in July with sources singling out the US Pacific Northwest as the likely origin.

US corn sales have set a high pace in recent weeks, but had shown signs of slowing as buyers began to resist higher prices.

However, the agriculture price complex has weakened since the start of the week, sparking fresh sales, with US private export sales showing 206,000 mt heading to japan, 110,000 mt heading to Peru and 115,000 mt heading to unknown destinations since Monday.