India’s MMTC again postpones tender to buy corn: Traders

Economy


HAMBURG- Indian state-run trading company MMTC 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).

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“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.

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.



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