Iran bought a large batch of wheat from foreign markets

 • Iran bought a large batch of wheat from foreign markets

• December 20, 2019 08:30

• Iran bought up to 1 million tons of wheat from foreign markets last week. According to the agency Grain On-Line with reference to IA Reuters.

• As expected, the origin of wheat is Russia and some countries of the European Union, including Germany.

• Two Panamax class dry cargo vessels with Russian wheat, according to sources, should sail from the Black Sea ports of Russia next week.

• Iran, by the end of the season 2019/20 (March 31), according to the October forecast of the Federation of Food Industry Associations, should import 3 million tons of wheat.

• Iran’s Deputy Minister of Agriculture said in November that his country signed a memorandum of understanding on wheat imports with Russia and Kazakhstan.

• The counterparty of recent transactions is unlikely to be large international companies, fearing to fall under US sanctions. According to traders, deliveries will be through two Middle Eastern and one Asian trading companies.

• The buyer is most likely the Iranian state trading corporation (GTC), as private importers buy wheat from the ports of the Caspian Sea.