Iran said to buy about 240,000 tonnes wheat in tender

Iranian state agency the Government Trading Corporation (GTC) is believed to have purchased around 240,000 tonnes of milling wheat in a tender which closed on Wednesday, European traders said on Thursday.

It was believed to have been bought in about four consignments of around or just over 60,000 tonnes.

The wheat was thought likely to be sourced from Russia and/or Germany.

Traders estimated purchase prices at between 360 euros to 364 euros ($412.96 to $417.54) a tonne c&f. But one trader said he believed two consignments were bought below 350 euros a tonne c&f.

Iran traditionally declines to buy wheat in U.S. dollars. The tender had sought shipment in February and March.

Iran needs to import around 8 million tonnes of wheat after its crop was damaged by the worst drought in 50 years, Reuters reported in October. But western sanctions on Iran continue to make payment difficult, traders said.

Iran was believed to have also purchased about 240,000 tonnes of wheat last week with about 740,000 tonnes also bought in December, traders said.

Nasdaq

Tags: wheat, Germany, Iran, Russia, tender