By Sameer C. Mohindru
SINGAPORE--India's State Trading Corp. Wednesday got three bids
in a tender to export 40,000 metric tons of wheat from Chennai port
in February, trading executives said.
The highest bid was submitted by global trading company,
Glencore, at $314.34/ton, free-on-board followed by Cargill at
$306.77/ton and Sun International at $304.50/ton, also FOB.
STC has until Jan. 31 to decide on the bids.
India is selling its surplus wheat stocks via tenders to global
trading companies for export to clear storage space for the next
crop, to be harvested from mid-February.
At the beginning of the month, India's state wheat reserves
totaled around 34.4 million tons, more than three times the minimum
volume to be maintained under government norms.
Write to Sameer C. Mohindru at sameer.mohindru@dowjones.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires