- Volume: South Korea’s Major Feedmill Group (MFG) secured 120,000 tons of soybean meal from COFCO in two equal 60,000-ton cargoes.
- Pricing Benchmark: April delivery priced at $376.91/t C&F and May delivery at $373.71/t C&F set a reference for Q2 2025 Asian soybean meal values.
- Origin: Supply is expected from established exporters in the United States, China, or South America, bypassing the Black Sea region.
- Market Impact: The deal is broadly neutral for Black Sea soybean meal, but underscores competitive pressure from traditional origins.
South Korea’s MFG Soybean Meal Tender Overview
South Korea’s Major Feedmill Group (MFG) finalized a substantial soybean meal purchase via an international tender held on January 9, securing a total of 120,000 tons from COFCO. The deal is split into two 60,000-ton shipments scheduled for late April and mid-May delivery.
The first cargo is due to arrive by April 25 at a price of $376.91 per ton C&F, while the second shipment, for delivery by May 15, was booked at $373.71 per ton C&F, including a surcharge linked to additional port unloading. Market sources suggest the cargoes will likely originate from the United States, China, or South America.
Price and Shipment Details
| Buyer | Supplier | Shipment | Volume (tons) | Delivery Deadline | Price (C&F, $/t) | Notes |
|---|---|---|---|---|---|---|
| MFG (South Korea) | COFCO | First cargo | 60,000 | By April 25 | $376.91 | Standard C&F terms |
| MFG (South Korea) | COFCO | Second cargo | 60,000 | By May 15 | $373.71 | Includes surcharge for extra port unloading |
| Total volume | 120,000 | Q2 2025 | Benchmark for Asian Q2 soybean meal values | |||
Market Implications and Regional Impact
The tender outcome reinforces the dominance of traditional origins—United States, China, and South America—in supplying soybean meal to South Korea. Despite the sizable 120,000-ton volume, the deal is effectively neutral for Black Sea exporters, as no material flows are expected from that region.
Nonetheless, the achieved C&F price levels provide a visible benchmark for Q2 2025 soybean meal in Asia. Black Sea suppliers can use these values to assess their competitiveness, particularly on freight and quality specifications, which remain key hurdles to displacing established supply routes to South Korean buyers.
Source: Market Data
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