PEC buys 225,500 T Ukrainian corn in tender- trade

HAMBURG (Reuters) - Indian state-run trading company PEC has made a purchase of 225,500 tonnes of yellow corn likely to be sourced from Ukraine in an international tender which closed earlier in January, European traders said on Monday.

The corn was bought from South Korean trading house Daewoo International for January/February shipment, they said.

Indian officials had said on Friday that PEC was likely to award the contract in the tender to purchase and import up to 250,000 tonnes of corn without genetically-modified organisms (GMOs) to Daewoo.

Traders said the purchase comprised 80,500 tonnes bought at $191.99 a tonne c&f, of which 40,000 tonnes was for shipment on Jan. 27 to Feb. 17 and 40,500 tonnes on Feb. 8-27.

A further 65,000 tonnes was purchased at $193.49 a tonne c&f for shipment between Jan. 27 and Feb. 17, they said.

The remaining volume was purchased at $192.99 a tonne c&f with 45,000 tonnes for shipment on Feb. 1-20 and 35,000 tonnes between Jan. 27 and Feb. 17, they said.

Sources said on Dec. 31 the Indian government would ask state-run traders to import half a million tonnes of duty-free corn after a second drought in the country cut crops in what would be the country's first overseas purchase in 16 years.

India is traditionally a major corn exporter to South East Asia, but higher local prices due to the first repeat drought in nearly three decades and domestic demand have hampered exports.

Indian government sources said on Jan. 13 that PEC would issue a new tender for 200,000 tonnes of corn in the coming week but no tender has yet been issued.

Traders said they now expect a new tender to be issued by PEC in the first week of February.

(Reporting by Michael Hogan, editing by David Evans)