South Korea’s MFG passes in 140,000 tonnes corn tender

Friday, 04 October 2013


HAMBURG: South Korea’s Major Feedmill Group (MFG) has rejected all offers and made no purchase in an international tender for up to 140,000 tonnes of corn which closed on Friday, European traders said.

Importers were thought to be hoping for further corn price falls, one trader said.

Lowest offer was said to be $237 a tonne c&f plus $1.50 a tonne surcharge for the option of unloading at an additional port. The tender had sought arrival in March 2014.

Corn import demand was stimulated this week as US corn futures are on course for their biggest weekly loss in over two months. The US Department of Agriculture surprised markets by forecasting supplies were much larger than analysts had anticipated. Courtesy: Reuters

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