TCP buys 100,000T wheat at $374

[LRE]

TCP buys 100,000T wheat at $374



Wednesday, July 30, 2008
ISLAMABAD: Pakistan’s state trading agency bought 100,000 tonnes of wheat at $374 a tonne, cost and freight included, in a tender for 250,000 tonnes of wheat issued this month, a government official said on Tuesday.

The Trading Corporation of Pakistan had accepted the lowest bid offered by Cargill in the tender, an industry official who declined to be named said. Pakistan plans to import 2.5 million tonnes of wheat this year to bolster buffer stocks.

It was unclear if the TCP was still in discussion to buy more wheat in the same tender, as the agency normally offers other bidders a chance to match the lowest price. The TCP received a total of 20 bids in a range of $374 to $426.75 against a tender issued on July 10 and closed on July 26, when the bids were opened, the industry official said.

In early July Pakistan bought 516,000 tonnes of wheat at $409.88 a tonne, and another 140,000 tonnes of wheat at $399.45 in June.

http://www.thenews.com.pk/daily_detail.asp?id=127105