June 12, 2007

India's PEC seeking for wheat imports

State-run PEC Ltd in India is looking for 120,000 tonnes of imported wheat, but would only do so if prices can level to the local market, a company source said on Monday.

He said the company was looking at three parcels of wheat, each containing 35,000 to 40,000 tonnes.

The source said they are seeking for 10,500 rupees (US$246.51) per tonne with deals coming from private negotiations.

India is likely to produce 73.7 million tonnes of wheat in 2007, up from 69.3 million tonnes last year.