July 8, 2019 / 8:24 AM / 2 months ago

MMTC tenders to buy corn, volume undecided

Dried corn is on display at the Green Week agricultural fair in Berlin, January 18, 2013. REUTERS/Thomas Peter/Files

HAMBURG (Reuters) - Indian state-run trading company MMTC has issued an international tender to buy and import yellow corn (maize), European traders said on Monday.

The volume purchased will be decided by MMTC later depending on the level of prices received but minimum offers are 24,000 tonnes to 25,000 tonnes.

The tender closes on Tuesday, July 9. Offers must remain valid up to July 16.

The tender seeks corn free of genetically-modified organisms (GMOs) from any origins for shipment between July 20 and Aug. 20, traders said.

The MMTC repeatedly delayed a previous tender for corn issued in April after global corn prices rose sharply from May largely on fears poor weather would damage U.S. crops.

The MMTC plans to import corn at lower taxes for Indian consumers such as starch makers and poultry farmers.

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

Reporting by Michael Hogan; Editing by Edmund Blair

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