India's MMTC gets highest bid at $311/T in wheat export tender

Last Updated: Thu, Feb 14, 2013 10:20 hrs

NEW DELHI, Feb 12 (Reuters) - India's state-run MMTC Ltd received the highest bid at $311 per tonne from the Netherlands-based trading company Louis Dreyfus for its latest wheat export tender, trade sources said on Thursday.

MMTC floated the tender last month to sell 150,000 tonnes of wheat for shipments between Feb. 20 and Mar. 31 from warehouses located on the east coast as part of the government's plan to reduce huge stocks before the new harvest.

State-run companies such as MMTC, State Trading Corp. and PEC have been regularly floating export tenders to ship out wheat from overflowing government warehouses.

The latest figures show stocks at government warehouses as on Feb. 1 were 30.8 million tonnes, more than four times the official target.

On Feb. 12, MMTC received the highest bid at $305 per tonne from Glencore for a similar wheat export tender which offered the grain from government warehouses located on the west coast. (Reporting by Ratnajyoti Dutta; Editing by Jo Winterbottom)

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