South Korea’s NOFI passes on corn cargo tender as offers disappoint

South Korea’s Nonghyup Feed (NOFI) tendered for one cargo of corn for shipment in the last half of July but passed on the offers, market sources told Agricensus Thursday.

The company was thought to be seeking offers for a panamax vessel below $220/mt, with one source saying they were looking for levels of around $218/mt. 

Pronounced volatility in the futures markets was said to have left buyers and sellers on the sidelines in the wake of China’s decision to impose a 25% import tax on all US soybean, corn, durum wheat and sorghum exports.

Asia-based trade sources noted that many countries in the region secured corn supplies out as far as September, but pockets of demand remained for June and July.

Typically, that’s a period where South American new crop corn supplies become available to compete with the tail end of the US harvest.