HAMBURG: Iranian state agency the Government Trading Corporation (GTC) is believed to have purchased around 195,000 tonnes of milling wheat in a tender for 60,000 tonnes which closed on Wednesday, European traders said on Friday.

It was believed to have been bought in three 65,000 tonnes consignments. Prices were unavailable. Shipment was sought in June and July.

Traders suspected the wheat could be sourced from Russia, Germany or the Baltic States, all large recent suppliers of grains to Iran.

“I think the market is starting to expect Iran will have considerably more access to the international banking system in the third quarter of this year with the US-Iranian nuclear negotiations continuing,” one European trader said.

“Iran has a lot of money, the problem is the continuing sanctions which hinders its ability to make international payments.”

The United States expects to have a sixth round of indirect talks on reviving compliance with the 2015 Iran nuclear deal and probably more, a US State Department spokesman said on Thursday.

The European Union envoy coordinating talks on reviving the Iran nuclear deal said on Wednesday he believed a deal would be struck at the next round of talks starting next week, but other senior diplomats said “the most difficult decisions lie ahead.”


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