South Korea’s NOFI picks up deferred panamax as corn buyers play safe

South Korea’s NOFI has picked up a panamax cargo of corn at a tender that it initially floated on Wednesday, but passed on as offer prices were deemed too high, a market source has told Agricensus Thursday.

The tender was believed to have been won by a South Korea-based trader, at $216.50/mt, and is again likely to be sourced from the Pacific Northwest loading mid-July, with delivery in the first half of August.

“NOFI tendered and passed, but then retendered today,” the source said, with buyers said to be anticipating further price falls before committing to later purchases.

“Most buyers have covered their first half of August arrival already, but they’re still open for second half delivery… Most anticipate the market will be going weaker, so they wait and see,” the source said.

Alongside that, buyers are said to be wary of overtly advertising their buying, with a spate of recent purchases undertaken on a private basis as openly tendering has seen prices increase in the domestic US market.

“The guys in Korea they don’t want to buy; everybody looks at the terminal and the sellers and the price going up when they tender… for now, they move privately,” the source said.

Market sources have said two or three private deals have been completed this week at levels around $216/mt for July delivery.