South Korea is diligently stocking up on cheaper feed corn at auctions.

South Korean feed producer Nonghyup Feed Inc. has purchased 135,000 tons of feed corn of optional origin at an international tender, reported the online publication APK-Inform, citing its sources in trading circles. The corn was bought in two lots of 67,000 tons each, with Mitsui to deliver one by November 15 at $234.83 per ton C&F, and the second to be supplied by Rosco by October 28 at $235.96 per ton C&F plus $1.50 per ton for unloading at a backup port. For comparison – at the last successful tender for the import of feed corn in South Korea held at the end of June, 266,000 tons were purchased at prices between $235.35 and $235.99 per ton C&F, and at the Tunisia tender half a month ago, the delivery of 50,000 tons was agreed at $247.85 and $252.27 per ton C&F. Meanwhile, South Korean Major Feedmill Group has purchased up to 140,000 tons of feed corn (two lots of 65-70,000 tons) at an international tender from CHS, with one costing $234.83 per ton C&F plus $1.50 per ton for ...