Saudi Arabia buys 624,000 tonnes of wheat in tender

Saudi Arabia bought 624,000 tonnes of wheat in an international purchasing tender for September-October shipment, the state buyer said on Monday.

It was bought at an average price of $261.76 a tonne c&f, GFSA said.

The wheat with 12.5% protein content was sought for arrival between September and October in a series of Saudi ports.

The purchase was more than the 480,000 tonnes sought in the tender.

Traders had been hoping that Middle East importer buying interest would be sparked after US wheat futures hit 2-1/2 year lows last week.

The agency, previously called the Saudi Grains Organization (SAGO), was renamed in January as the General Food Security Authority.

In its previous reported tender on March 13, Saudi Arabia bought 1.043 million tonnes of wheat for July-August arrival.

Tags: tender, Saudi Arabia, wheat