ISLAMABAD, July 29: The Trading Corporation of Pakistan bought 100,000 metric tons of wheat at $374 a ton, cost and freight included, in a tender for 250,000 tons of wheat issued this month, a government official said on Tuesday.

The TCP had accepted the lowest bid offered by Cargill in the tender, an industry official who declined to be named said. Pakistan plans to import 2.5 million tons of wheat this year to bolster buffer stocks.

It received a total of 20 bids in a range of $374 to $426.75 against a tender issued on July 10 and closed on July 26, when the bids were opened, the industry official said.

The corporation is still in talks about buying more wheat after the first purchase in an international tender, European traders said in Hamburg.

“They are still in talks and are seeking a considerable volume in addition to the volume already bought,” one European trader said.

In early July Pakistan bought 516,000 tons of wheat at $409.88 a ton, and another 140,000 tons of wheat at $399.45 in June.

Pakistan plans to build up domestic stocks this year after its 2007/08 crop fell to 21.8 million tons, short of a target of 24 million tons. Domestic consumption is about 23 million tons.

—Reuters