South Korean mills buy 30,000 T of US wheat, traders say
Updates Oct. 8 story with further information gained on Oct. 9, adds Canadian wheat offers
HAMBURG, Oct 8 (Reuters) -A group of South Korean flour mills on Tuesday bought an estimated 30,000 metric tons of milling wheat to be sourced from the United States, European traders said.
The purchase by the South Korean Flour Millers’ Association involved several wheat types and was all bought on a free-on-board (FOB) basis for shipment between Dec. 1-31.
The seller was believed to be trading house United Grain Corporation, they said.
The purchase involved 3,500 tons of hard red winter wheat of 11.5% protein bought between $280 and $285 a ton FOB and 21,000 tons of dark northern spring wheat of 14% protein bought at $300 to $305 a ton FOB, traders said.
It also included 4,500 tons of soft white wheat of between 9.5% to 11% protein content bought at about $275 a ton FOB and 1,000 tons of soft white wheat of 9% protein also bought at $275 a ton FOB.
The group also sought offers for about 4,000 tons of Canadian western red spring wheat (2CWRS) of 13.5% protein.
But it rejected the lowest Canadian 2CWRS offer of $295.51 a ton FOB believed to have been submitted by trading house Cargill and increased the U.S. northern spring purchase from 17,000 tons to 21,000 tons, traders said.
Reports reflect assessments from traders and further estimates are possible later.
Reporting by Michael Hogan; Editing by David Goodman and Eileen Soreng
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