South Korea’s Nonghyup Feed Buys 110,000 Tons of Corn

By Sungwoo Park

Jan. 23 (Bloomberg) -- Nonghyup Feed Inc., South Korea’s biggest single buyer of feed grains, bought 110,000 metric tons of corn for feed production, a third less than what it sought, two industry officials involved in the tender said today.

Nonghyup bought 55,000 tons of U.S. corn for arrival by May 15 from Feed Net at $1.15 a bushel over the Chicago Board of Trade May futures contract on a cost and freight basis, said the officials, asking not to be identified because tender results are confidential.

The feedmaker bought a further 55,000 tons of South American origin corn due for arrival by June 10 from Toepfer International Asia Pte at $1.0975 a bushel over the same benchmark contract on a cost and freight basis, they said. Nonghyup rejected offers for another 55,000 tons of the grain due for arrival by April 20, the officials said.

Details of the tender are as follows:

--------------------------------------------------------------- Tonnage Shipment Arrival --------------------------------------------------------------- 55,000 Apr. 6-25 China Apr. 20

March 1-20 U.S. Gulf/South America

March 16-Apr 5 U.S. Pacific Northwest

55,000 May. 1-20 China May. 15

March 26-Apr 15 U.S. Gulf/South America

Apr. 11-30 U.S. Pacific Northwest

55,000 May. 26-Jun 15 China Jun. 10

Apr. 21-May 10 U.S. Gulf/South America

May. 6-25 U.S. Pacific Northwest

Ports: Incheon, Gunsan/Mokpo, Ulsan/Busan ---------------------------------------------------------------

To contact the reporter on this story: Sungwoo Park in Seoul at spark47@bloomberg.net.