Pakistan's Wheat Tender Attracts Offers at $339.36 a Ton

Pakistan has received offers to purchase and import 185,000 metric tonnes of wheat after issuing a tender that closed on Monday. The lowest price offered was believed to be $339.36 per metric tonne, cost and freight (c&f) included, according to initial assessments from European traders.

Trading house Bunge submitted an offer for around 60,000 tons at the aforementioned price. The state agency Trading Corporation of Pakistan (TCP) is still considering the offers and has not made a purchase yet, with a decision expected in the coming days.

The tender comes at a challenging time for importers, as fighting has brought seaborne Black Sea exports of cheap Russian and Ukrainian wheat to a near standstill. Supplies from alternative origins are more expensive, making imports even harder.

Earlier this month, TCP bought 365,000 tonnes at $348.83 per tonne c&f in a previous tender seeking up to 750,000 tonnes, before issuing the current tender for another 185,000 tonnes.