March 15, 2013
India sells over 13,700 tonnes in first corn deal to China
India's first corn cargo of over 13,700 tonnes was sold to China, a breakthrough between the two countries.
Delivery of the corn supplies from Indian states of Andhra Pradesh and Karnataka are scheduled next month at an approx. US$320 (cost and freight), or US$275 tonne (free on board), a trader said at the Global Grain Asia conference.
According to the trader, the Indian corn shipment is subjected to quarantine clearance as part of its formality.
Both Chinese and Indian officials were expected to iron out any arising issues related to the pilot deal, which opens up more deals in the future. Currently, China's corn demand is five million tonnes a year whereas India produces about seven tonnes a year and consumes three million tonnes.
