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India plans to import corn in 500,000 tonnes to overcome shortage
Import corn in India is expected in a very huge quantity in coming days. India is considering importing corn of an extra 500,000 tonnes to overcome a shortage in India after a second straight drought cut output, a government source stated on Wednesday.
India is traditionally a good corn exporter to Southeast Asia, but higher in local rates because of the drought and rising local demand have halted the complete exports of corn and forced to import corn.
“Indian corn prices have increased up massively and actual users have asked us to increase corn imports. That’s why the impact of another 500,000 tonnes of corn imports has started,” the official cleared.
Local corn prices have pushed about 15 per cent so far in June.
The government source, who was not so authorized to speak to the media, also cleared that India was likely to scrap its recent tender to corn import 50,000 tonnes to the high price posted by the sole bidder.