India's MMTC postpones deadline in tender to buy corn

HAMBURG: Indian state-run trading company MMTC has postponed the deadline for offers in an international tender to import yellow corn (maize) to May 15 from May 8, European traders said on Monday.

Offers must now remain valid until May 31 versus May 26 previously.

The shipment period has also been changed to between June 10 and July 10, they said. Shipment had previously been sought for May 29 to June 20.

The volume purchased will be decided by MMTC later depending on the level of prices received but minimum offers are 20,000 tonnes. Traders believe about 100,000 tonnes could be purchased.

The tender seeks corn free of genetically modified organisms (GMOs) from any origins. The MMTC plans to import corn for Indian consumers such as starch makers and poultry farmers.

Below-normal monsoon rains and insect damage have slashed India's corn output and raised prices.