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Passco tenders to sell 0.25m tonnes of wheat

Updated February 05, 2019

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The tender is expected to close on Feb 18.  — File
The tender is expected to close on Feb 18. — File

HAMBURG: Pakistan Agri­cultural Storage and Services Corp (Passco) has issued a tender to export 250,000 tonnes of wheat, European traders said on Monday.

The federal government in November 2018 approved export of up to 500,000 tonnes of wheat, possibly with subsidies, to reduce hefty local supplies.

The tender is expected to close on Feb 18.

A previous tender to export 100,000 tonnes of wheat was closed in January.

“Demand was so brisk for the Passco tender that prices offered were above the level at which export subsidies were required,” one Euro­pean trader said. “I suspect this could also happen with the new tender.”

The latest tender for wheat grown in Punjab offers export by sea only, which would exclude sales to neighbouring countries such as Afghanistan.

Importers such as Sri Lanka, Bangladesh, the Middle East Gulf and other Asian countries are expected to be export targets, a trader said.

Punjab is offering bagged wheat in fair to average quality, the trader added.

BD scraps wheat tender

Meanwhile, Bangladesh government has cancelled an international tender to import 50,000 tonnes of wheat as the lowest bidder did not agree to a time extension amid rising global prices, two officials from the state-run grains procurement agency said on Monday in Dhaka.

Published in Dawn, February 5th, 2019