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Iran buys US Wheat

Submitted by Roanman on Tue, 03/20/2012 - 07:25


Here's a little 3 day old news from Rueters.

I've been busy.

Anyway, so we're mad at India for buying Iranian oil while we're selling Iran wheat.

The good news here is that Cargill and Bunge Ltd. (probably, but no comment) are getting a premium for the wheat because shipping is dangerous in the Straights of Hormuz because there's ..... you know ..... an embargo.

Just an aside, has anyone checked out the price on a loaf of bread lately.


Iran buys U.S. wheat again, trade set to grow



Iran has purchased 60,000 metric tonnes (66,139 tons) of U.S. wheat, the U.S. government said on Thursday, raising the two-week tally to 180,000 metric tonnes, which industry sources said reopened grain trade ties between the two countries embroiled in a stand-off over Tehran's nuclear ambitions.

Iran's purchases of U.S. wheat this year are its first in three years, and the sources said the OPEC member was close to completing purchases of another 220,000 metric tonnes to be shipped as early as April, and in talks with exporters to buy another undisclosed amount.

The price tag for the 400,000 metric tonnes -- 180,000 confirmed and 220,000 yet to be formally declared -- could be around $160 million, export sources said.

Prices were believed to be above world market prices by around $25 to $30 per metric tonne to account for the greater risk shipping grain to the volatile region.

Trade sources said grain giants Cargill Inc. and Bunge Ltd were the likely suppliers to Iran, but the two companies declined to comment.