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Saturday, September 09, 2006

Wheat tender attracts eight bidders

The State Trading Corp. has received eight bids for its entire 1.67 million tonne wheat import tender, a company official said on Tuesday.

Glencore International AG, Toepfer International, Agrico Trade & Finance SA, Concordia Trading Corp., Louis Dreyfus Corp. and India’s Adani Global are some of the bidders, an official involved in the tender told reporters Tuesday.

The 1.67 million tonne wheat import tender was floated on August 30. It was STC’s fifth tender for importing duty-free wheat. The bids received were in the range of $223.75-$270 per tonne cost and freight basis, requiring the buyer to pay for the cargo and the cost of transport. Suppliers had time till Tuesday to submit bids.

STC will buy them in lots of 25,000 tonnes, 35,000 tonnes, 50,000 tonnes, 60,000 tonnes and 75,000 tonnes between Nov 1 and Feb 15.

The companies will supply wheat from countries including the US and Canada, the official said. Glencore emerged as the single largest bidder and has agreed to supply 6,50,000 tonne. It has also quoted the lowest bid for supplying 1,30,000 tonne at $223.75 a tonne. The highest bid quoted is by Louis Dereyses at $270 a tonne. Glencore has quoted to supply wheat at $223.75 to $250 a tonne.

The AWB Ltd of Australia has agreed to supply 6,30,000 tonne wheat at prices ranging between $225 to $257. The Mamburg-based AC Toeffer International has agreed to supply 5,40,000 tonne wheat at $227 to $267. The US-based Concordia has agreed to supply 1,80,000 tonne wheat at $ 232 to $246 a tonne. Indian exporter, Adani Global has agreed to supply 2,82,000 tonne at $239.51 to $251.11 a tonne. US-based Cargill has agreed to supply 2,20,000 tonne at $244 to $261 a tonne. The Agrico Trade and Finance of South Africa has agreed to supply 1,00,000 tonne at $242.9 to $259 a tonne. Louis Dreyfus has agreed to supply 1,24,000 tonne wheat, including 35,000 tonne wheat at Tuticorin port at $ 270 a tonne.

Source: Finiancial Express

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