HAMBURG: A government agency is believed to have bought about 300,000 tonnes of wheat in an international tender which closed this week, European traders said on Friday. The Trading Corporation of Pakistan (TCP) was believed to have bought the wheat at an estimated $285.97 a tonne c&f for August shipment, they said. The seller was believed to be trading house Dreyfus. Offers in the tender had been submitted on Tuesday.
Pakistan has regularly bought wheat in the global market in past months in moves to improve local supplies and cool prices.
"Pakistan had asked for offers for shipment in each of the five months from April to August but it had been expected that only one month would be bought," one German trader said. "August shipment could allow for lower priced new crop wheat to be supplied."
Pakistan in its previous wheat tender on March 5 made no purchase. The lowest reported price offer was $332.44 a tonne c&f.
Wheat export supplies have tightened since Russia imposed higher grain export taxes on March 1 to reduce exports and help cool Russian domestic prices.
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