Glencore wins wheat tender at $270/T

Glencore International has secured a tender to supply 50,000 tonnes of wheat to Bangladesh after submitting the lowest offer of $270 a tonne, officials at the state grains buyer said on Wednesday.

The origin of the wheat is likely to be Ukraine and the wheat is to be shipped in 40 days, a senior official at the Directorate General of Food said.

wheatThe price included freight, insurance and other port-related expenses.

This was the first international wheat purchase tender issued by the Directorate General of Food since the current financial year started in July. The state grains buyer plans to ship in 900,000 tonnes of wheat in the year to June 2015.

Glencore International also made the lowest offer of $280.87 a tonne in another Bangladesh tender that opened on Tuesday, the highest price in the tenders in the current fiscal year as uncertainty over Russian supply continues to support global wheat prices.

Bangladesh’s reserves of rice and wheat currently stand at more than 1.2 million tonnes, from nearly 1 million tonnes a year earlier, another official said.

Olam International made the lowest offer of $268.47 a tonne in a tender that opened on Dec. 14.

Russia has stiffened its bid to curb grain exports with plans for an imminent duty on shipments to defend domestic bread supplies against a crumbling rouble.

– Reuters