South Korea’s NOFI buys estimated 117,500 tonnes corn in tender

Adds detailed purchase breakdown, shipment periods from possible global origins

HAMBURG, Feb 1 (Reuters) – Leading South Korean animal feed maker Nonghyup Feed Inc. (NOFI) has bought an estimated 117,500 tonnes of animal feed corn in an international tender for up to 138,000 tonnes which closed on Wednesday, European traders said.

The corn was bought in two consignments which can be sourced from optional worldwide origins. But if sellers decide to supply Ukrainian corn they have no contractual right to declare force majeure because of the war, traders said.

The first consignment of an estimated 52,500 tonnes for arrival in South Korea around May 5 was bought at an estimated price of $337.99 a tonne c&f plus a $1.50 a tonne surcharge for additional port unloading. Seller was said to be trading house Posco.

The second consignment of an estimated 65,000 tonnes for arrival in South Korea around May 15 was bought at an estimated $336.69 a tonne c&f plus a $1.75 a tonne surcharge for additional port unloading. The seller was said to be trading house CHS.

For the May 5 consignment, shipment if sourced from the U.S. Pacific Northwest coast was sought between April 1-April 20, shipment from the U.S. Gulf/east Europe was between March 12-March 31, from South America between March 7 – March 26 and from South Africa ship between March 17 – April 5.

Shipment of the May 15 consignment was sought if sourced from the U.S. Pacific Northwest coast between April 11 – April 30, from the U.S. Gulf/east Europe between March 22 – April 10, from South America between March 17 – April 5 or from South Africa between March 27 – April 15.

NOFI also bought about 80,000 tonnes of animal feed wheat in a separate tender on Wednesday.

(Reporting by Michael Hogan, Editing by Louise Heavens)

((michael.j.hogan@thomsonreuters.com; +49 172 671 36 54; Reuters Messaging: michael.hogan.thomsonreuters.com@reuters.net))

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