Bangladesh draws one participant in 50,000 tonne wheat tender -traders
Only one trading house is believed to be participating in the tender on Tuesday from Bangladesh’s state grains buyer to purchase and import 50,000 tonnes of wheat, European traders said.
Trading house Agrocorp was reported to be the only participant. No purchase has been reported, traders said.
Agrocorp was believed to have offered an estimated $448.38 per tonne c&f liner out with supplies sourced optionally from Bulgaria, Romania, the United States, Canada, Australia or India. Liner out terms include some ship unloading costs for the seller.
Traders said reasons for the low participation in the tender included generally tight supply in the world market, complex tender terms in Bangladesh and falling prices and price uncertainly.
Chicago benchmark markets were closed for a holiday on Monday. U.S. wheat futures on Friday fell back from levels hit after Russia’s invasion of Ukraine in February sent prices soaring. GRA/
Bangladesh was in recent months a major importer of wheat from India, which has recently restricted grain exports, seriously tightening supply in Asian markets.
Bangladesh is also among the importers hit by disruption to Black Sea region wheat exports.
Source: Reuters (Reporting by Michael Hogan in Hamburg, additional reporting by Ruma Paul in Dhaka, editing by Jason Neely)