HAMBURG, Dec. 16 (Reuters) – Iran’s state agency Government Trading Corporation (GTC) reportedly bought around 500,000 tonnes of milling wheat in a tender that closed on Wednesday, said Thursday. European traders.

It was reportedly purchased in eight shipments of around 60,000 tonnes or slightly more for shipment to Iranian ports in the Gulf of the Middle East.

The prices were estimated to be around 365 euros and 368 euros ($ 413.5 to $ 416.9). Iran traditionally buys grain in euros rather than US dollars.

Wheat shipment was requested in January and February 2022.

The possible origins of the purchased wheat are said to be Russia, Germany and the Baltic Sea region, traders said.

The tender was for 180,000 tonnes, some to be shipped via the Caspian Sea and for land transport by rail. The volumes of Iranian tenders are nominal and the country regularly buys more than the initial tonnage sought.

A small volume was also reportedly purchased for the Caspian Sea shipment. The outcome of the call for tenders for land transport was not known to traders.

“It’s a heavy buy, but Iran needs a lot of wheat,” said a European trader.

Iran is due to import around eight million tonnes of wheat after its summer crop was damaged by the worst drought in 50 years, Reuters reported in October.

But Western sanctions against Iran continue to make payment difficult, traders said.

Iran said on November 19 it had imported four million tonnes of wheat since the end of April. Read more

($ 1 = 0.8827 euros)

Reporting by Michael Hogan, editing by Kirsten Donovan

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