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FINANCIAL NEWS
Syria purchases 100,000 tonnes of soft wheat
10 Oct 2012
(MENAFN) Syria’s government grain buyer General Establishment for Cereal Processing and Trade (Hoboob) has purchased 100,000 tonnes of soft wheat, Reuters reported.
A Huboob official said that the wheat is Ukrainian and was bought at USD370 a tonne, on a cost and freight basis, adding that the wheat was purchased from a Middle Eastern trading company.
The purchase from a Middle Eastern company, underlines the reluctance of international traders to participate in Syrian tenders.
Hoboob had issued the tender to purchase and import 100,000 tonnes of soft wheat of bread-making quality on September 17, with shipment sought within two months from the opening of a letter of credit on the purchase.
Wheat is excluded from the Western sanctions imposed on Syria because of the government’s attempts to suppress the uprising.
But traders say difficulties in financing purchases have kept away Syria’s reach to the international grains market, prompting the troubled country to make small wheat deals over the past few months, often arranged by dealers in the Middle East and Asia.
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