STC wheat tender stands “lapsed” - source

STC wheat tender stands “lapsed” - source


New Delhi: A wheat import tender issued by India’s State Trading Corp. has lapsed with no decision on purchases from three trading firms before the validity period expired, a government source said on Monday.

“The tender’s validity has expired on 27 November. The tender stands lapsed," a senior government official close to the deal told Reuters.

Three international trading firms, Cargill, Glencore and Toepfer had offered to sell 330,000 tonnes of wheat at sky-high prices between $459-$599 a tonne, reflecting shrinking supplies and a surge in US wheat futures on strong export demand.

The source said that no talks had been held with any of the three bidders for extending the validity period.