May 2, 2011

Traders report large Pakistani wheat exports

Private exporters have made large sales of new wheat from Pakistan totalling 200,000-220,000 tonnes two weeks ago, according to traders.

Sales were made to a series of buyers in countries including the United Arab Emirates, Tanzania, Malaysia and Vietnam at prices between US$300-US$309 a tonne FOB Pakistani ports, traders said.

Sales were largely for nearby shipment.

"The country's harvest, which started this month, is looking considerably larger than expected and it looks like the country will be in the export market for the coming weeks," one trader said.

Pakistan's government forecast the wheat crop at around 25 million tonnes this year, up from 23.8 million tonnes in 2010 and well above its annual consumption of 22 million tonnes.

Asian traders on Friday (Apr 28) also reported aggressive selling by Pakistani wheat exporters.