South Korea’s KOCOPIA secures 60,000 mt South Africa corn via tender

The Korea Corn Processing Industry Association has issued a tender for up to 60,000 mt of corn for delivery in the second half of February or late March, market sources said Tuesday, with the volume likely to come from South Africa.

The tender opened and closed today, it is believed to have been awarded at a price of $194/mt for CNF delivery into the ports of either Incheon or Kunsan, according to sources.

One source confirmed that the origin was unlikely to be US corn, with some sources pointing to South Africa as the origin.

"It's pretty rare," one trading source said of the origin, "but whatever works."