South Korea’s NOFI seeks three corn cargoes in fresh buy tender

South Korea’s Nonghyup Feed Inc has (NOFI) issued buy tenders for three 69,000 mt cargoes of corn, market sources told Agricensus Wednesday.

The cargoes are for delivery in May and June with the US, and specifically the Pacific Northwest, likely to offer the most likely source of supply.

The cargoes will be staggered for delivery through windows of April 28 through May 27, May 13 through June 11 and May 23 through June 21, according to market sources.

“They should be buying at the $220/mt level, or close,” one trader said as corn prices globally continue to ramp up on the back of healthy buying interest and stronger prices across the wider agriculture complex.

The tender comes hard on the heels of three cargoes picked up on Tuesday by MFG and a fourth secured by KOCOPIA, and if completed it takes total purchasing to close to half a million mt in just over 24 hours, according to Agricensus data.

Cargill, Louis Dreyfus and CJ International sold the earlier cargoes – with market sources awaiting indications on the tender results.