South Korea corn spree sees MFG, KOCOPIA pick up May cargoes

Two South Korean feed buyers are said to have picked up optional origin corn cargoes via tender Tuesday, with at least 196,000 mt of corn secured, according to market sources.

MFG was said to have tendered for up to three cargoes, buying at least two totalling 136,000 mt, although the final official purchase conformation has not been disclosed yet.

The first cargoes for delivery by May 21 priced at $214/mt according to market sources, while the second was for June 2 delivery, priced at $213.25/mt.

A possible third cargo may also have been secured, according to one market source, with Louis Dreyfus said to have sold the first two cargoes while Cargill was linked with the third.

KOCOPIA was also in the hunt for corn, tendering for one cargo of 55,000-60,000 mt for delivery by May 20.

The company was said to have picked up one 60,000 mt cargo at $223/mt, with CJ International the seller, according to market sources.