South Korea's KOCOPIA returns to buy 120,000 mt of US corn  

12 Feb 2018 |

South Korea's corn processing industry association KOCOPIA returned to the corn market and bought two cargoes of US corn just days after cancelling a previous tender, market sources said Monday.

The tender was for 120,000 mt of optional origin corn in two deliveries, with most sources expecting US corn from the Pacific Northwest to provide the supply.

The two cargoes are said to be for delivery up to April 20 at $204.75/mt, with the second for delivery up to May 5 said to be sold at $205.50/mt.

Market sources said that, while the final line up hasn't been released yet, it looked like Bunge had sold the first cargo and CJ International the second, although no one could be contacted from either company for confirmation.

KOCOPIA had passed on a buy tender last week, citing high corn prices in the offers shown to them, but with little let up in the recovery for grain prices buyers have been stepping in.

At the end of last week, South Korea's NOFI also issued a buy tender, picking up just over 200,000 mt of corn in three panamax-size cargoes, plus a fourth feed wheat cargo.

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