March 30, 2012

Bangladesh purchases 50,000 tonnes wheat from India

About 50,000 tonnes of wheat from India's LMJ International has been purchased by Bangladesh at US$303.90/tonne, basis cost, insurance and freight, a senior government official and traders said Thursday (Mar 29).

"The letter of intent has been given to LMJ, it has submitted a performance guarantee and a formal contract may be signed next week," the official said, adding that the grain may be sourced from India although the seller has option to ship it from anywhere except Israel.

The cargo is to be delivered at Chittagong and Mongla ports within 40 days of the signing of contract.

Bangladesh bought 50,000 tonnes of optional origin wheat from Rokeya Automatic Flour Mills Ltd. at US$306.95/tonne, cost, insurance and freight (CIF), in a previous tender. Dhaka-based Rokeya also secured a contract to supply 50,000 tonnes of imported wheat to Bangladesh in January at US$288.77/tonne, CIF.

The country has so far purchased 720,000 tonnes for state reserves this fiscal year that began July 1, through tenders and in deals with Ukraine. Another tender for 50,000 tonnes closes April 4.