The state-run Agricultural and Fishery Marketing Corp (AFMC) said that it invited a tender to buy 25,000 tonnes of edible soybeans on Wednesday.

Shipment was set for November 6-25 if sourced from the Pacific Northwest or for October 21-November 10 if from the US Gulf, an AFMC official said.

Arrival was slated for December 15 to the western port of Inchon. Edible soybeans are equivalent to US No.1 soyabean.

With the country's recession cutting feed demand, South Korean importers now routinely delay purchases and seek early delivery.

In the local corn market, the Top Margin Committee (TMC) has been seeking 50,000 tonnes and the Big Feed Mills (BFM) were seeking 40,000 tonnes of US No.3 yellow corn for November/December shipments, traders said.

The Korea Corn Processing Industry Association has also been seeking52,500 tonnes of US No.2 yellow corn with shipment for December 20-January 10, if from the U.S. Gulf, they said.

On the other hand, local importers continued seeking feed wheat from East Europe, Europe, Canada or Australia for December/January shipments, they said.

Local importers were believed to have bought at least 285,000 tonnes of feed wheat during last week, they said.

An official at the Korea Feed Association (KFA) in Pusan said it decided not to buy 30,000 tonnes of feed wheat from Daewoo Corp with arrival by February 10. The purchase deal was made through a private negotiation last Wednesday.

The association would seek 30,000 tonnes of feed wheat for arrival by late February or early March, he said.

Traders said the buyer group cancelled the deal as its request for delaying its scheduled shipment was not accepted by the supplier.

Meanwhile, major local flour milling companies were expected to seek 24,000 tonnes of US No.1 wheat and 26,000 tonnes of Australian milling wheat until next weekwith shipment for January 10-February 10, traders said.

In the local meal market, local importers were likely to seek Indian soyameal due to its attractive prices after strengthening their terms and conditions for quality, said a trader with a foreign grain trading firm.

Indian soymeal prices were offered at about $10 lower than those of Latin American origins and far less than those of U.S. origins, he said.

But Hindu festival holidays this week will force local importers to delay their purchases until next week, he said.

The poor quality of Indian soymeal they bought earlier this year had made local importers stay away for some time, he said.

He said the KFA, the BFM and the TMC were expected to pick up some soymeal to cover their requirements for October/November shipments.

A trader for Pan Ocean Shipping Co Ltd said freight rates for a Panamax-sized cargo for spot shipment from the Pacific Northwest rose to $11.75 per tonne from $11.50 a week earlier.

The rates from the U.S. Gulf for aPanamax-sized spot shipment fell to $13.75 a tonne from $14.50 a week ago.

Meanwhile, the state-run Agricultural and Fishery Marketing Corp (AFMC) invited a tender to buy 25,000 tonnes of edible soybeans.

Shipment was set for November 6-25 if sourced from the Pacific Northwest or for October 21-November 10 if from the U.S. Gulf, an AFMC official said.

Arrival was slated for December 15 to the western port of Inchon. Edible soybeans are equivalent to U.S. No.1 soybean.