Korean Feedmaker NOFI Scoops Up Additional Corn Supplies

South Korea's NOFI has made another significant purchase of animal feed corn, buying up to 65,000 metric tons in a private deal. This is on top of a first private deal for about 68,000 tons made earlier this week.

The corn was expected to come from either South America or South Africa and will be sourced at an estimated outright price of USD292.79 a ton cost and freight (c&f). A portion of the total - around 10,000 tons - was also purchased at a premium over the Chicago March 2027 corn contract.

This purchase is part of ongoing brisk purchasing by Korean grain importers who had delayed buying in recent weeks due to high international prices. However, with prices remaining firm and public holidays in Korea next week, importers have decided to make purchases now.