ME buys 200,000 T Indian wheat
New Delhi, June 26, 2012
The Middle East has bought around 200,000 tonnes of new-crop Indian wheat and more deals are likely, as a rally in global prices and the weakening currency of the South Asian nation make exports competitive, grains traders said on Tuesday.
"Indian wheat has been moving to the Middle East but now there should be more interest," said one Singapore-based trader. "The spread between Indian and Australian wheat is around $30 to $40 today, which is very attractive."
Indian wheat is quoted at around $255 a tonne free on board (FOB), compared with $295 a tonne being offered for Australian wheat.
In the Middle East, Indian wheat is being offered at around $280 a tonne, including cost and freight (C&F), while rival Black Sea cargoes are being quoted at close to $315 a tonne.-Reuters