South Korea's Food Leaders Committee (FLC) purchased 68,000 tonnes of Black Sea corn overnight in the latest private deal to mark the return of the country's food production sector, market sources told Agricensus on Wednesday. fair.
The company picked up the load from Glencore following a buying spree from rival associations Major Feedmills Group (MFG) and Nonghyup Feed Inc (NOFI), which takes national corn buying since the start of the week to 334,000 tonnes.
The deal was completed at US $ 211.74/mt CFR, in line with many of the other deals completed this week, and was for Black Sea loading dates of March 15 to April 15, suggesting an arrival date in the beginning of June.
The flurry of purchases is the latest sign that South Korea's food sector is now focusing on cargoes arriving in late June, allowing it to access a wider range of supply options as the early harvest of Argentina begins to reach the market.
Meanwhile, Ukraine is also wrapping up its huge harvest.
Additionally, South Africa is also on track to deliver a large harvest this year, while the US continues to show availability despite quality concerns, particularly from the Pacific Northwest.
Source: Agricensus
