The wheat was bought at $318.77 a tonne c&f free out, they said.
Only two trading houses submitted offers in Iraq's tender with Australian wheat submitted at the lowest price, traders said. US wheat was also offered.
Ten or more trading houses have generally participated in past international tenders from Iraq.
There has been uncertainty about Iraq's grain buying strategy after the trade ministry said in April it would negotiate more direct contracts for the import of rice and wheat after failures to secure them through tenders.
Traders said Iraq also told them in March it would delay payments for goods, making payments in instalments because of low oil prices and other financial restraints. This was said to have reduced participation in tenders by major grain trading houses.
The latest tender which closed on July 3 sought wheat sourced from the United States, Canada or Australia, with offers to remain valid until July 9. Arrival was expected 75 days after the opening of a letter of credit on the purchase.
Iraq was believed to have cancelled its previous international tender to buy at least 50,000 tonnes of wheat, which closed on June 4 with no purchase made.
Volumes in Iraq's tenders are nominal and the country has in the past frequently bought more than the tonnage originally requested.