August 6, 2012

Indian corn exports decelerate on high prices, port delays 

Corn exports from India have stalled considerably in recent weeks on price hikes and congestion at ports, trading executives and cargo surveyors said.

Hardly any new sales are being contracted amid a lag in deliveries and there is uncertainty over the next crop.

India's corn is being offered around US$290-$295 a tonne, up from US$220-$225/tonne, free-on-board two months ago, they said.

"It is mostly the previously contracted deals that are being executed because exporters are uncertain over the size of the next crop and the possibility of the government imposing an export tariff," said an executive at a global commodity trading company.

According to industry estimates, exports were just around 100,000 tonnes in July, down from 150,000 tonnes in June.