A government agency in Pakistan is believed to have bought some 575,000 tonnes of wheat in an international tender to purchase 500,00 tonnes which closed this week, European traders said on Thursday.
The Trading Corporation of Pakistan (TCP) was believed to have purchased all the wheat at $383.50 c&f after several trading houses agreed to match the lowest price offered in the tender on Monday, traders said.
They said they believed trading house Cargill sold 290,000 tonnes. Cargill had submitted the lowest offer of $383.50 c&f in the first round of the tender.
Trading house Agrocorp was said to have sold 60,000 tonnes, Falconbridge sold 120,000 tonnes and CHS 105,000 tonnes.
The wheat can be sourced from optional origins. Shipment in the tender was sought between Nov. 11 and Dec. 30.
Pakistan has bought wheat regularly in the global market in recent months in an effort to boost domestic supply and cool prices.
Another tender from Pakistan for 640,000 tonnes of wheat closes on Sept. 29.
In its previous wheat tender on Sept. 10, the TCP bought 405,000 tonnes from optional origins all at $369.50 a tonne c&f.
Source: Reuters (Reporting by Michael Hogan, editing by Emelia Sithole-Matarise)