Iraq Buys 300,000 Tons Canadian Wheat - Grain Board

Date : 03/20/2012 @ 12:20AM
Source : Dow Jones News
Stock : Archer-Daniels-Midland Company (ADM)
Quote : 43.49  0.18 (0.42%) @ 3:59PM

Iraq Buys 300,000 Tons Canadian Wheat - Grain Board

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The Iraqi Grain Board bought 300,000 metric tons of wheat of Canadian origin out of a tender which closed March 13, according to the head of the board.

Hassan Ismail Ibrahim told Dow Jones Newswires that 100,000 tons were bought from Jordan-registered Jresat at $361/ton cost and freight, 100,000 tons from Glencore International PLC (GLEN.LN) at $356/ton C&F, 50,000 tons from Louis Dreyfus at $361.22/ton and 50,000 tons from Archer Daniels Midland Co. (ADM) at $361/ton C&F.

Ibrahim also said that the board is planning to issue new tender to buy wheat in April.

This is the second time Iraq purchased Canadian wheat in less than a month, having bought 400,000 tons Feb. 22, which was the result of a tender closed Feb.19.

Iraq consumes 3.5 million-4 million tons of wheat a year mostly supplied through imports.

-By Hassan Hafidh, Dow Jones Newswires; +962 799 831 831; hassan.hafidh@dowjones.com

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