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European traders reported that the Feed Leaders Committee, a South Korean import group, purchased 60,000 metric tonnes of soymeal on Thursday in an international auction. The soymeal was expected to come from South America.
It is believed that the FLC purchased from Cargill, a trading house.
They said that 40,000 tons were purchased for an estimated outright cost of $351.19 per metric ton, c&f. This included a surcharge due to additional port unloading. 20,000 tons were also bought at a premium compared with Chicago soymeal contracts.
Arrival of soymeal in South Korea is expected around August 31. The shipment from South America is expected to arrive between June 23 and August 22.
The reports reflect the assessments of traders, and it is still possible to estimate prices and volume later. Michael Hogan is reporting.
(source: Reuters)
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