Latest news with #MajorFeedmillGroup
Business Recorder
6 days ago
- Business
- Business Recorder
Wheat down 1-2 cents, corn down 1-2, soybeans up 4 to 5
CHICAGO: The following are U.S. expectations for the resumption of grain and soy complex trading on Tuesday. Wheat - Down 1 to 2 cents per bushel Wheat futures approached their lowest points since 2020 as seasonal supply pressure from Northern Hemisphere harvests weighed on the market. A weekly U.S. Department of Agriculture crop progress and condition report on Monday put the nation's winter wheat harvest at 86% complete, compared to 80% a week ago. South Korea's Major Feedmill Group (MFG) purchased around 65,000 metric tons of animal feed wheat to be sourced from the United States in a private deal on Tuesday without issuing an international tender, European traders said. CBOT September soft red winter wheat was last down 1-3/4 cents at $5.15 per bushel. K.C. September hard red winter wheat was last down 2-1/2 cents at $5.14-1/2 per bushel. Minneapolis September wheat was last up 1/2 cent at $5.73-1/2 a bushel. Wheat up 2-3 cents, corn down 1-2, soybeans steady-down 1 Corn - Down 1 to 2 cents per bushel Corn futures headed down to set fresh contract lows, with steady U.S. crop conditions and a bumper Brazilian harvest also keeping the focus on ample supply. The USDA reported on Monday that 73% of the corn crop was in good or excellent shape, a nine-year high and unchanged from a week ago. Commodity brokerage StoneX projected on Monday U.S. 2025 corn production at 16.323 billion bushels, with an average yield of 188.1 bushels per acre (bpa), above the U.S. Department of Agriculture's latest corn harvest projection for a 15.705-billion-bushel crop with an average yield of 181 bpa. CBOT December corn fell 1-1/2 cents to $4.05-1/2 per bushel. Soybeans - Up 4 to 5 cents per bushel Soybean futures edged up, recovering from a four-month low, supported by larger-than-expected weekly U.S. export inspections, a slight fall in U.S. crop ratings and a rebound in palm oil futures. The USDA rated 69% of the soybean crop in good or excellent condition on Monday, a five-year high but slightly down compared to 70% last week. The USDA reported export inspections of soybeans in the week ended July 31 at 612,539 metric tons, above trade expectations for 250,000-460,000 metric tons. CBOT November soybeans were last up 5 cents at $9.99-1/2 per bushel.
Business Recorder
10-06-2025
- Business
- Business Recorder
South Korea's MFG buys 68,000 tons corn in private deal, traders say
HAMBURG: South Korea's Major Feedmill Group (MFG) purchased around 68,000 metric tons of animal feed corn in a private deal on Tuesday without issuing an international tender, European traders said. It was bought at an estimated $233.99 a ton cost and freight (c&f) included plus a $1.25 surcharge for additional port unloading. The purchase was expected to be sourced from South America or South Africa. Shipment from South America was between July 20 and August 20. If the corn is sourced from South Africa, only 55,000 tons need be supplied. South Korea's MFG buys estimated 199,000 tons corn, traders say Seller was believed to be trading house Freepoint. The deal followed separate corn purchases by Korean importers NOFI and KFA on Tuesday. Reports reflect assessments from traders and further estimates of prices and volumes are still possible later.
Business Recorder
05-06-2025
- Business
- Business Recorder
South Korea's MFG buys estimated 199,000 tons corn, traders say
HAMBURG: South Korea's Major Feedmill Group (MFG) purchased an estimated 199,000 metric tons of animal feed corn in in an international tender on Thursday, European traders said. It was bought in three consignments all for arrival in South Korea in September, and was all bought at $235.99 a ton a ton cost and freight (c&f) plus an additional surcharge of about $1.25 a ton for additional port unloading. One consignment of 67,000 tons was bought from trading house CJ International and expected to be sourced optionally from U.S. Pacific Northwest coast, South America or South Africa. US export demand pulls corn prices higher Two consignments of 66,000 tons were both bought from trading house ADM and were expected to be sourced optionally from South America or South Africa. Reports reflect assessments from traders and further estimates of prices and volumes are still possible later.
Business Recorder
14-05-2025
- Business
- Business Recorder
Wheat steady-down 4 cents, corn mixed, soybeans steady-up 3
CHICAGO: The following are U.S. expectations for the resumption of grain and soy complex trading at the Chicago Board of Trade at 8:30 a.m. CDT (1330 GMT) on Wednesday. Wheat - Steady to down 4 cents per bushel CBOT wheat futures fell as a sharp improvement in U.S. crop conditions reinforced supply pressure this week. The USDA rated 54% of the U.S. winter wheat crop in good to excellent condition, up 3 percentage points from last week and the highest for this time of year since 2019. Analysts surveyed by Reuters on average had expected no change in ratings. South Korea's Major Feedmill Group (MFG) purchased about 64,000 metric tons of animal feed wheat to be sourced from optional worldwide origins in a private deal on Wednesday without issuing an international tender, European traders said. CBOT July soft red winter wheat was last down 3-3/4 cents at $5.13-1/2 per bushel. K.C. July hard red winter wheat was last down 3-1/2 cents at $5.08-1/4 a bushel, while Minneapolis July spring wheat was last down 7-1/2 cents to $5.73-1/4 a bushel. Soybeans hit 9-month high on biofuel tax credit proposal, trade optimism Corn - Up 3/4 cent to down 3 cents per bushel Most corn contracts were lower as brisk U.S. planting offset lower than expected U.S. government forecasts of corn stocks. U.S. farmers had planted 62% of the nation's corn crop by Sunday, higher than an average of analyst expectations and ahead of the five-year average for this time of year of 56%, the USDA said in a weekly crop report on Monday. Brazil signed protocols with China on Tuesday to allow exports of an ethanol by-product used in animal feed, challenging U.S. dominance in the market amid the ongoing China-U.S. trade standoff. Leading South Korean animal feed maker Nonghyup Feed Inc. (NOFI) bought an estimated 65,000 metric tons of animal feed corn in an international tender seeking up to 138,000 tons on Wednesday, European traders said. CBOT July corn was last down 2-1/4 cents at $4.40-1/4 per bushel. Soybeans - Steady to up 3 cents per bushel Soybean futures firmed as a proposal to extend a U.S. biofuel tax credit and a truce in a U.S.-China trade dispute boosted hopes for more demand. On Monday a deal between China and the U.S. was announced to temporarily reduce reciprocal tariffs, boosting hopes for revived Chinese demand for U.S. farm goods. U.S. House lawmakers unveiled a proposal on Monday to extend the clean fuel tax credit (45Z) until December 31, 2031, which could sustain demand for soyoil as a feedstock for the expanding U.S. renewable diesel industry. South Korea's Major Feedmill Group (MFG) purchased about 60,000 metric tons of soymeal expected to be sourced from South America in a private deal on Wednesday without an international tender being issued, European traders said. CBOT July soybeans were last up 2-1/2 cents at $10.75 per bushel.
Business Recorder
05-05-2025
- Business
- Business Recorder
South Korea's MFG bought 65,000 to 70,000 T corn in private deal, traders say
HAMBURG: South Korea's Major Feedmill Group (MFG) purchased an estimated 65,000 to 70,000 metric tons of animal feed corn in a private deal late last week without issuing an international tender, European traders said on Monday. It was bought at an estimated $248.40 a ton cost and freight (c&f) included plus an additional $1.25 a ton surcharge for additional port unloading. Seller was believed to be trading house CHS. Arrival in South Korea was around August 15. US export demand pulls corn prices higher If sourced from the US Pacific Northwest coast as some traders expected, shipment was between July 1 and July 31. The volume to be supplied between 65,000 to 70,000 must be declared by June 1. Reports reflect assessments from traders and further estimates of prices and volumes are still possible later.
