- South Korea secures 120,000 tons: KFA and NOFI jointly booked soybean meal for delivery through May 2024, locking in supply at competitive C&F prices.
- Multi-origin vs. South America-focused: KFA diversified origins (US, China, South America), while NOFI concentrated exclusively on South American supplies.
- Benchmark pricing for Asia: Deals at $371.71–$373.80 per ton C&F set a key reference range for soybean meal into Northeast Asia.
- Neutral to slightly bearish for Black Sea: Strong demand did not translate into Black Sea business, underlining competitive pressure from established exporters.
South Korea Soybean Meal Tenders Overview
The South Korean Feed Industry Association (KFA) and NOFI together secured around 120,000 tons of soybean meal in international tenders held on January 13, 2024. These purchases ensure forward coverage of feed demand into late May, reinforcing South Korea’s dependence on well-established supply chains from the Americas and Asia.
Tender Details and Pricing
KFA purchased approximately 60,000 tons of soybean meal from COFCO at $371.71 per ton C&F, including unloading surcharges. The volume will be sourced from the United States, China, and South American origins, with final delivery required by May 30, 2024. For South American shipments, arrival is specified between March 15 and April 15.
NOFI, a leading South Korean animal feed manufacturer, booked a similar volume of about 60,000 tons exclusively from South American origins. The company purchased from Olam at $373.80 per ton C&F, including port unloading surcharges, with delivery to be completed by May 25, 2024.
| Buyer | Volume (tons) | Supplier | Origin(s) | Price (C&F, incl. surcharges) | Delivery Window |
|---|---|---|---|---|---|
| KFA | ~60,000 | COFCO | US, China, South America | $371.71/ton | By May 30, 2024 (South America: Mar 15–Apr 15) |
| NOFI | ~60,000 | Olam | South America | $373.80/ton | By May 25, 2024 |
| Total | ~120,000 | – | Primarily US, China & South America | $371.71–$373.80/ton | Through late May 2024 |
Market Impact and Regional Dynamics
The pricing range of $371.71–$373.80 per ton C&F provides an important benchmark for soybean meal values into Northeast Asia. The tenders confirm steady demand from South Korea but channel business toward US, Chinese, and South American shippers rather than Black Sea processors.
For Black Sea soybean meal, the outcome is neutral to slightly bearish: regional crushers face persistent competition from origins with stronger logistical footprints and established freight routes into East Asia. The extended delivery coverage through May further reduces near-term spot opportunities for alternative suppliers, potentially capping upside for Black Sea-origin sales into this market.
Source: Market Data
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