India's MMTC postpones tender to buy corn for 7th time (updated)

MMTC

26/06/2019 12:51

(Adds detail from paragraph three)
    HAMBURG, June 26 (Reuters) - Indian state-run trading
company MMTC  MMTC.NS  has for the seventh time postponed the
deadline for offers to be submitted in an international tender
to import yellow corn, this time to June 27, European traders
said on Wednesday.
    The deadline for the tender, seeking corn (maize) free of
genetically-modified organisms (GMOs), was originally May 8 and
has been frequently postponed since then.
    The volume purchased will be decided by MMTC depending on
the level of prices received. Offers must remain valid up to
July 11.
    "It looks like Asian importers like India are hoping corn
prices will continue their pullback from the highs seen in
June," one European trader said.
    Chicago corn futures have surged since the MMTC tender was
issued in April, hitting a five-year high on June 17 on fears
rain will damage U.S. crops.
    But corn fell on Wednesday after forecasts of dry weather in
parts of the U.S. Midwest, lifting hopes of improved crop
conditions.  GRA/ 
    The MMTC is asking for offers of corn for shipment in July
and August.
    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

 (Reporting by Michael Hogan;
Editing by Edmund Blair)
 ((michael.j.hogan@thomsonreuters.com; +49 172 671 36 54;
Reuters Messaging:
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