Iran’s GTC buys 240,000 tonnes of wheat in tender

HAMBURG: Iranian state agency the Government Trading Corporation (GTC) is believed to have purchased between 180,000 tonnes to 240,000 tonnes of milling wheat in a tender which closed on Wednesday, European traders said on Thursday. The wheat was expected to be sourced from Russia, they said. It was believed to have been bought in three to four consignments for September/October shipment.

Trader estimates of the price were between 438 and 440 euros ($446.30 to $448.30) C&F Iranian ports. Iran traditionally declines to buy wheat in US dollars.