South Korea’s state-backed Agro-Fisheries & Food Trade Corp. has so far purchased an estimated 97,060 metric tons of U.S. origin rice in an international tender for up to 177,000 tons which closed on Nov. 2, European traders said on Thursday.

Offers are still being considered for further volumes of around 40,000 tons of U.S.-origin rice and about 40,000 tons sourced either from Vietnam or any origins also sought in the tender, they said.

The U.S.-origin purchases all involved brown rice of non-glutinous medium grain type for arrival in South Korea in 2024.

Two consignments totalling 41,616 tons were both bought at an estimated $1,048.84 a ton c&f Korea for arrival around Feb. 29, traders said. Both were believed to have been sold by trading house ADM.

One consignment of 22,222 tons was bought at an estimated $1,039.00 a ton c&f for April 30 arrival and another of 22,222 tons was bought at an estimated $1,031.00 a ton c&f for May 31 arrival. Both were believed to have been sold by trading house Posco.

Another consignment of 5,500 tons was bought at $950.64 a ton c&f for June 30 arrival from Sun Foods and another of 5,500 tons was bought from ADM at $973.44 a ton c&f for July 31 arrival, they said.

The tender resultsreflect assessments from traders and further estimates of prices and volumes are still possible later.
Source: Reuters (Reporting by Michael Hogan, editing by Simon Cameron-Moore)

Published Date: November 10, 2023