- Deal Secured: South Korea’s FLC booked 132,000 tons of feed corn via an international tender for June 2026 delivery.
- Price Range: Corn was purchased at $244.99–$245.97 per ton C&F, with additional unloading charges of $1.25–$1.50 per ton.
- Flexible Origin: Tender allowed corn from any origin, intensifying competition between Black Sea and South American exporters.
- Market Tone: Outcome is neutral to slightly bearish for Black Sea corn amid modest demand premiums and tight competition.
South Korean Corn Tender Overview
South Korean animal feed producer FLC has secured approximately 132,000 tons of feed corn through an international tender held on February 20, 2025. The purchase is structured as two separate shipments with forward delivery scheduled for mid-2026 into South Korea.
The tender was issued on an “any origin” basis, giving suppliers broad flexibility in sourcing and increasing competitive pressure among key exporting regions such as the Black Sea, Brazil, and Argentina.
Shipment and Pricing Details
| Batch | Supplier | Volume (tons) | Base Price (C&F) | Extra Unloading | Total Landed Cost (C&F + Unloading) | Delivery Deadline |
|---|---|---|---|---|---|---|
| 1 | Pan Ocean | 65,000 | $245.97/ton | $1.25/ton | $247.22/ton | By June 5, 2026 |
| 2 | Mitsui | ≈67,000 | $244.99/ton | $1.50/ton | $246.49/ton | By June 25, 2026 |
| Total | — | ≈132,000 | — | — | Weighted range mid-$240s/ton | June 2026 window |
The first batch of 65,000 tons was awarded to operator Pan Ocean at $245.97 per ton C&F, plus $1.25 per ton for supplementary port unloading, bringing the indicative landed cost to about $247.22 per ton. This shipment is scheduled to arrive by June 5, 2026.
The second batch of roughly 67,000 tons went to trading house Mitsui at $244.99 per ton C&F, with an additional $1.50 per ton for unloading, implying a landed cost near $246.49 per ton. Delivery for this cargo is expected by June 25, 2026.
Market Impact and Regional Competition
The tender confirms steady Asian feed demand into mid-2026 but does not signal a strong demand surge, with prices in the mid-$240s per ton C&F Korea indicating only modest premiums. The June 2026 delivery window overlaps with the Black Sea new crop marketing period, adding strategic importance for regional exporters.
Because the tender permits corn from any origin, Black Sea suppliers face direct competition from Brazilian and Argentine exporters for these forward Asian sales. The outcome is neutral to slightly bearish for Black Sea corn, as suppliers in that region will need to maintain or improve cost competitiveness on freight, execution, and quality to secure a larger share of similar tenders going forward.
Source: Market Data
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