India's MMTC again postpones tender to buy corn - trade (updated)

MMTC

20/06/2019 06:35

(Adds details and quote)
    HAMBURG, June 20 (Reuters) - Indian state-run trading
company MMTC  MMTC.NS  has for the sixth time postponed the
deadline for offer submissions in an international tender to
import yellow corn, this time until June 25, European traders
said on Thursday.
    The deadline for offers was originally May 8 and had been
postponed to May 15, then to May 22, June 6, June 12 and later
to June 19.
    The tender seeks corn (maize) free of genetically modified
organisms (GMOs).
    "Some Asian importers seem to have been surprised by the
sharp rise in corn prices in past weeks and are hoping the
recent weakness will continue," one European trader said. "But
the number of postponements in this tender is raising eyebrows."
    U.S. corn futures fell about 2% on Wednesday, dropping for a
second straight session as investors booked profits after
five-year highs set this week.  GRA/ 
    The volume purchased in the tender will be decided by MMTC
depending on the level of prices received.
    Traders are being asked to submit offers for at least 24,000
tonnes.
    The MMTC is now asking for offers of corn for shipment
between July 1 and Aug. 20.

 (Reporting by Michael Hogan, Editing by Sherry Jacob-Phillips)
 ((michael.j.hogan@thomsonreuters.com; +49 172 671 36 54;
Reuters Messaging:
michael.hogan.thomsonreuters.com@reuters.net))