South Korea’s MFG secures 133,000 mt of feed corn at $193/mt CFR

South Korea’s MFG has purchased 133,000 mt of feed corn in two cargoes via tender, market sources said Friday.

The cargoes, one 65,000 mt and the other 68,000 mt, are for delivery in April, and purchased at $193-$194/mt CFR , with the US Pacific Northwest the most likely source.

The purchase comes despite South Korea continuing to fight an outbreak of Avian flu in the country, which some trading sources had said could defer or delay purchases of animal feed should it spread.

Two fresh outbreaks had been confirmed amongst ducks in the south of the country on January 10, according to the UN’s animal health agency WAHIS, with nearly 20,000 birds slaughtered as a result.

Corn competes with soybean meal, wheat and DDGS as an animal feed and any fall in animal headcounts can have a knock on effect for feed demand.