HAMBURG - Indian state-run trading company MMTC 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.
Recent Indian corn import shipments have been reported from Ukraine, said to be the first in about three years.