Iraq Buys 400,000 Tons Russian, US, Canadian Wheat-CEO

Iraq's state-run Grain Board has purchased 400,000 metric tons of wheat from Russia, the U.S. and Canada for delivery in May and June this year, the third large Iraqi wheat purchase this year, the head of the board said Wednesday.

Hassan Ismael Ibrahim, who didn't disclose the purchase prices, told Dow Jones Newswires that 200,000 tons were bought from Russia, 150,000 tons were purchased from Canada and the remaining 50,000 tons were from the U.S.

The Canadian wheat was bought from Louis Dreyfus, while the U.S. wheat was from a company called Canadian Orient owned by a Canadian of Iraqi origin. It isn't known from which firm Iraq bought the Russian wheat.

The deals were the result of a tender for a nominal 100,000 tons of wheat that closed March 28 with offers valid until April 4.

Iraq last bought wheat in February, when it purchased some 380,000 tons of Russian and Canadian wheat. Total wheat bought this year so far was 1.180 million tons.

Iraq plans to import between 3 million to 3.5 million tons of wheat this year, according to the grain board.

Source: CME Group