South Korea Skips Feed Wheat Tender as Black Sea Ports Banned

South Korea's Feed Leaders Committee (FLC) issued an international tender for up to 65,000 metric tons of feed wheat and walked away without buying anything. The committee cited prices that were too high, after Chicago wheat futures jumped overnight on forecasts of lower US crop yields.

The lowest offer received was $298.50 per ton on a cost-and-freight basis, with a $2 per ton unloading surcharge on top. Cargill reportedly submitted the bid for the full volume. Delivery was required as a single shipment by August 31.

The tender specification excluded wheat loaded at any Black Sea port in Ukraine or Russia, regardless of where the grain was grown. The banned origin countries list also included Russia, Argentina, China, Pakistan, and Denmark.

FLC tender results are closely watched across Asian grain markets. A no-purchase outcome typically signals that seller prices have moved past what buyers are willing to pay, which can weigh on export basis levels in the following weeks.