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Iraq Expected To Reduce US Wheat Purchase -Grain Official
BAGHDAD (Dow Jones)
Iraq is expected to reduce a possible purchase of one million metric tons of hard wheat from the U.S., an official with the Iraqi Grain Board said Wednesday.

"We are buying between 700,000 to 800,000 metric tons of wheat from the U.S. instead of the one million tons we planned to buy earlier," the official told Dow Jones Newswires.

He said some U.S. companies were unable to supply the required quantity under Iraq's new system, the free on board formula.

The official said the grain board is expected to sign contracts with two U.S. companies to supply the wheat. He didn't mention their names.

Iraq has been using cost, insurance and freight system on its wheat tenders but it will start to buy wheat under the free-on-board system for the first time, with the aim of reducing shipping costs.

The grain board official said Baghdad wouldn't buy wheat from its traditional supplier, Australia's AWB Ltd. (AWB.AU) this time, but he didn't rule out buying the cereal from AWB in the future.

Australia has been the dominant supplier of wheat to Iraq for about 15 years, but in the past six months, Iraq has bought more wheat from the U.S. than Australia.
MGR Archive 4.11.2005
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Region Type Price  
Russia Rapan $ 700
USA Jupiter Rice $630
USA Calrose #1 $830
USA Calrose #1 Paddy $480
EU Prices Baldo €660
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