South Korea’s Korea Corn Processing Industry Association (KOCOPIA) purchased about 60,000 tonnes of corn thought likely to be sourced from the United States in an international tender on Friday, European traders said.
TheBusiness Recorderreports the deal continues a surge in corn purchasing by South Korea, with just over 1 million tonnes bought in the last week, after prices fell.
“The sharp fall in Chicago corn prices since early June has presented a buying opportunity which some Asian buyers have taken advantage of,” one European trader said. “I would not be surprised to see more buying next week.”
