South Korean Groups Buy 110,000 Tons U.S. Corn in Private Trade

By Jae Hur and Shinhye Kang

July 3 (Bloomberg) -- Two South Korean groups bought 110,000 metric tons of corn through private negotiations yesterday, according to two industry executives familiar with the trade.

The purchase was split into two lots of 55,000 tons each, said the executives, asking not to be identified as the trade was confidential. The Major Feedmill Group bought the first cargo at $216.90 a ton on a cost and freight basis for arrival by Dec. 30 at Gunsan and Ulsan, with an extra cost of $1.50 a ton for delivery to the second port, they said.

The Korea Feed Association’s members in Busan purchased the second lot at $214.70 a ton for arrival by Jan. 10 at Busan and Ulsan, with an extra cost of $1.50 a ton for delivery to the second port, they said.

The trade was in addition to the Korea Feed Association’s purchase of 55,000 tons in a tender held yesterday.

To contact the reporters on this story: Jae Hur in Singapore at jhur1@bloomberg.net; Shinhye Kang in Seoul at skang24@bloomberg.net