Feed corn prices plummeted in South Korea

After a sharp jump to $243.75 per ton C&F at an auction on August 6, feed corn prices in South Korea took a sharp turn in the following 2 auctions and a private deal, falling below the months-long average level of $232-235 per ton C&F, reported the electronic edition APK-Inform, citing its sources among market participants. Interest in importing the grain increased after prices on the Chicago futures exchange last week reached their lowest levels of the month amid large global stocks. In an international auction held on August 12, the local company Major Feedmill Group (MFG) contracted the delivery by December 8 of about 65,000 tons of feed corn from South America, the USA, or South Africa for $231.95 per ton C&F plus $1.50 per ton for unloading at a reserve port by the company Pan Ocean. A day later, the leading feed producer in South Korea, Feed Leaders' Committee (FLC), purchased at auction from Mitsui 65,000 tons of feed corn for $226.05 per ton C&F plus $1.50 per ton for ...