South Korea’s FLC buys corn privately at $296.79 for July arrival

South Korea’s Feed Leaders Committee (FLC) has returned to the corn market after almost three months and privately bought 65,000 mt of corn for July arrival, trade sources told Agricensus Tuesday.

FLC booked 65,000 mt of optional origin corn from Viterra paying $296.79/mt CFR and $1.25/mt for discharge in additional port for arrival by 25 July.

This is also the first purchase of corn completed by one of the major Korean buyers in just over a month, with most of the big importers concentrating on feed wheat recently, as it priced more competitively for feed usage.

At the country's last successful corn purchase, made on March 11, three big Korean buyers made corn purchases.

Nonghyup Feed Inc (NOFI) booked around 200,000 mt of corn paying $288.32/mt CFR on average for arrival by July 5-25.

Korea Feed Association (KFA) bought 64,000 mt of corn for July 10 arrival at $290.99/mt CFR Busanplus $1.25/mt for second port discharge.

Finally, the corn processing association Kocopia took 60,000 mt of US corn at $301.38/mt, including $1.25/mt for a second port discharge for delivery into Korea by June 20.

For more information on South Korea’s buying, see our Tender Dashboard.