South Korea’s KOCOPIA picks up 65,000 mt corn cargo at $225/mt

South Korea’s Korea Corn Processing Industry Association (KOCOPIA) has picked up a panamax cargo of feed corn from the Pacific Northwest at $225/mt, although unusually no tender was involved, market sources said Friday.

Typically, South Korea’s feed corn industry operates by tender, setting out the number of cargoes needed and inviting offers.

However, volatility in underlying prices sparked by the deterioration in US-China trade relations has deterred buying, with fellow South Korean feed corn importer NOFI issuing – and then passing on – a buy tender earlier in the week.

Logistics giant CJ International was rumoured to be the seller, according to a market source.