UPDATE 1-India's MMTC postpones tender to buy corn for 7th time

  • Reuters
  • Stock Market News
UPDATE 1-India's MMTC postpones tender to buy corn for 7th time
Credit: © Reuters.

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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.

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