South Korea Feed Corn Tender: 136,000t at ~$270

• South Korean feed buyer NOFI secured 136,000 tons of feed corn via an international tender at around $270/ton C&F for September arrivals.
• The tender covered only 66% of the initially planned 207,000 tons, hinting at either limited seller availability or buyer resistance at current price levels.
• Contracts were split between Mitsui and Cargill, with small differences in C&F and unloading costs for early September delivery windows.
• These deals set a price benchmark for September shipment corn into Asia and provide a reference for Black Sea corn competitiveness during harvest.

South Korea Corn Tender Overview

South Korean feed producer Nonghyup Feed Inc. (NOFI) purchased a total of 136,000 tons of feed corn of any origin in an international tender held on May 8. The volume accounts for 66% of the planned 207,000 tons, indicating that part of the tender was left unfilled.

The purchase was divided into two equal cargoes of 68,000 tons. The shipments are scheduled for arrival in early September, aligning with key global harvest and export windows.

Price and Shipment Details

Market Impact and Black Sea Relevance

The achieved prices around $270/ton C&F for early September arrival provide a clear benchmark for international corn values into Asia. The fact that NOFI filled only 136,000 of the intended 207,000 tons suggests either limited seller willingness at current prices or buyer reluctance to pay higher levels for additional volume.

South Korea traditionally sources a significant share of its corn from the Americas, but these tender results also serve as a pricing reference for Black Sea exporters. The September delivery window overlaps with the Black Sea corn harvest, potentially opening competitive opportunities for Ukrainian and Russian origins if freight, logistics, and basis levels align with or undercut this C&F benchmark.

Source: Market Data