Bloomberg News

South Korean Feedmakers Said to Buy 176,000 Tons of Corn

October 05, 2011

(Adds prices and suppliers in second and third paragraph.)

Oct. 5 (Bloomberg) -- Feed makers in South Korea, the world’s third-biggest buyer of corn, purchased 176,000 metric tons of U.S. corn for January delivery in private deals late last week, said three industry executives.

The Korea Feed Association, South Korea’s biggest grain- buying group, bought 55,000 metric tons of the grain from Itochu Corp. at $319.98 a ton on a cost and freight basis, the industry executives, who took part in the negotiations or have direct knowledge of the deals, said today.

Korea Feed’s members in Busan also purchased 55,000 tons at $322.76 a ton from Mitsui & Co., while the Major Feedmill Group bought 66,000 tons from Cargill Inc. at $328.25 a ton, they said, asking not to be identified because purchases are confidential.

Corn futures lost 7.2 percent last week, the fifth-straight decline, amid concerns that global economic growth may falter, reducing demand for raw materials from grains to copper. The December-delivery contract traded 1 percent higher at $5.9375 a bushel on the Chicago Board of Trade at 2:39 p.m. Seoul time.

--Editors: Jarrett Banks, Richard Dobson

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

To contact the editor responsible for this story: James Poole at jpoole4@bloomberg.net


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