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South Korean giants in US grain trading firm plan

South Korean giants in US grain trading firm plan

Seoul: STX Corp and Hanjin Transportation are part of consortium by South Korea that plans to set up a grain trading firm in the US. State-owned Korea Agro-Fisheries Trade Corp is in talks with STX and Hanjin as well as, CJ CheilJedang Corp and Samsung C&T, to form a consortium to establish a grain trading firm in Chicago to mitigate impact of global food volatility according to local reports. "Agricultural product exporters including China, Russia and India are restricting their of grain exports. Securing a certain amount of grain at normal prices has been a crucial national task," and unnamed government official was quoted as saying by the Korean Herald. The Chicago based company is expected to be set in the first half of this year. [12/01/11]

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