The tender was limited to about 10 trading houses with fewer companies than usual asked to offer, they said.
The tender closes on April 10.
Traders said major rice and wheat buyer Iraq told them in March it would delay payments for their goods, making payments in instalments because of low oil prices and other financial factors.
The introduction of new purchasing terms with delayed payment was said to have meant exporters were unwilling to participate in Iraq's previous wheat tender, with no purchase reported to have been made, traders said on April 3.
"It appears that Iraq has now changed back to the previous payment conditions in the new tender," one European trader said. "But I doubt whether they will get serious offers as their recent moves created great uncertainty among suppliers."
The new tender sought wheat sourced from the United States, Canada or Australia, they said.
Crude oil prices fell to their lowest since November in March because of record high US crude inventories. Crude prices have fallen by about 50 percent since 2014, reducing the spending power of exporting nations such as Iraq.