S.Korea's Nonghyup buys 165,000 T corn from Cargill

SEOUL, Nov 12 - South Korea's biggest feedmaker Nonghyup Feed (NOFI) purchased 165,000 tonnes of corn from Cargill for February and April arrivals, and passed another tender to buy 55,000 tonnes for December arrival, traders said on Friday.

The purchase details are as follows:

TONNE PRICE($/bushel) ARRIVAL

55,000 $2.14 Feb 15, 2010

55,000 $2.03 Apr 3, 2010

55,000 $1.98 Apr 5, 2010

Note: Nonghyup Feed has agreed to pay the above prices over CBOT March corn contract <0#3C:> on a cost-and-freight basis, if sourced from the United States. If sourced from South America, 8 cents would be subtracted from the above prices, and 13 cents subtracted if from China, traders said.

They said the cargoes would be delivered to one out of five South Korean ports including Incheon, Kunsan, Mokpo, Busan, and Ulsan.

Nonghyup had also sought to buy another cargo of 55,000 tonnes of the grain for December 31 arrival, but passed on the purchase because of high price, they added.