February 24, 2012

Iran purchases 800,000 tonnes of wheat

Iran bought 800,000 tonnes of wheat this week including some 500,000 tonnes from Russia and 300,000 tonnes from Australia, European traders said Thursday (Feb 23).

The purchases were made by the state agency Government Trading Corporation of Iran (GTC), traders said. This broke with the previous practice of private-sector wheat purchases.

"The Iranians had to pay premiums well over international prices," one trader said.

The purchases are in addition to around 1.1 million tonnes of wheat Iran bought in the previous two weeks.