South Korea's two largest feed buyers, Major Feedmill Group (MFG) and Nonghyup Feed Inc. stopped accepting offers of corn from the US Pacific Northwest (PNW) for June arrivals due to concerns about poor corn quality, a Korean-based trading source said Tuesday.
According to a report at S&P Global Platts, the concerns focus on higher levels of broken corn foreign material (BCFM). Korean feed typically specifies for 4-5% BCFM.
MFG had a public tender closing Tuesday at 0800 GMT, seeking two cargoes of between 55,000 mt to 70,000 mt, one for June 11 and another June 18 delivery, multiple sources said.
The buyer has stated that offers that are above $215/mt CFR and from US PNW are not acceptable.
