Iraq has unveiled its first tender in nearly three months, continuing a jump in interest by importers, as Saudi Arabia announced it had bought 440,000 tonnes of the grain.
The Iraqi Grain Board said traders had until January 26 to make offers into a tender for at least 100,000 tonnes of wheat, with no bars on the origin of the grain.
|
Buyers in a falling market
Jan 18: Iraq tenders for at least 100,000 tonnes
Jan 15: Japan buys 12,800 tonnes of Australian feed wheat
Jan 15: Saudi Araba tenders for 500,000 tonnes
Jan 15: South Korean miller CJ Cheiljedang buys 24,000 tonnes US wheat and 38,500 tonnes of Australian
Jan 14: Jordan buys 100,000 tonnes of Black Sea wheat
Jan 14: Japan buys 91,000 tonnes of US wheat through regular tender
Jan 13: Egypt buys 180,000 tonnes of Kaazakh and Russian wheat |
The tender - first since the board in October also sought offers for at least 100,000 tonnes, but bought that weight from each of America, Australia and Russia – maintains a blistering pace of tenders since January 12, when surprise Washington crop estimates sent grain prices sharply lower.
"We are seeing a bit more activity by commercial buyers," a London trader told Agrimoney.com.
"That should be some reassurance about how low prices can go."
Egypt, Japan, Jordan, Saudi Arabia, South Korean miller CJ have launched wheat tenders. Chicago prices fell 11% in the last four days of last week.
Saudi purchase
Saudi Arabia's Grain Silos and Flour Mills Organisation revealed on Monday it had bought 440,000 tonnes of wheat at an average price of $256.20 per tonne.
The state grains authority awarded four cargoes to wheat offered by Bunge, three to Toepfer International and one to Nobel Resources.
However, it failed to reveal an origin for the grain, of which it had been expected to purchase at least 500,000 tonnes.
The Canadian Wheat Board had been rumoured in the market as tendering aggressively for a showing among the winning bidders.
PRINTABLE VERSION
EMAIL TO A FRIEND
RSS FEEDS