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

MMTC

04/06/2019 09:17

(Adds detail from paragraph four)
    HAMBURG, June 4 (Reuters) - Indian state-run trading company
MMTC  MMTC.NS  has for the fourth time postponed the deadline
for offer submissions in an international tender to import
yellow corn, this time to June 12, European traders said on
Tuesday.
    The deadline for offers was originally May 8 and had been
postponed to May 15, to May 22 and then to June 6.
    The tender seeks corn (maize) free of genetically-modified
organisms (GMOs).
    The volume purchased will be decided by MMTC depending on
the level of prices received. Traders are being asked to submit
offers of at least 20,000 tonnes.
    The MMTC is now asking for offers of corn for shipment
between July 15 and Aug. 15. Previous shipment period was July 1
and July 31.
    "I have the impression that the huge rise in global corn
prices since the tender was issued has wrong-footed some
importers like India," one European trader said. "The sudden
jump in corn futures will greatly increase import costs."
    Chicago corn futures rose almost 2% on Tuesday, climbing
towards last week's three-year high after the U.S. Department of
Agriculture reported that U.S. corn planting was well behind the
average pace for this time of year.  GRA/ 
    India was previously a major corn exporter to southeast
Asia. But it has become an importer due to falling output and
rising demand from poultry producers and corn starch
manufacturers. This has raised domestic prices.  urn:newsml:reuters.com:*:nL3N22L40J
    Recent Indian corn import shipments have been reported from
Ukraine, said to be the first in about three years.

 (Reporting by Michael Hogan, editing by Louise Heavens)
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