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HAMBURG, Oct 21 (Reuters) – The lowest price in the first round of offers in the tender on Thursday from Turkey’s state grain board TMO to purchase 300,000 tonnes of milling wheat was $338.68 a tonne c&f, traders said.
The offer was believed to have been made for 25,000 tonnes of wheat already in warehouses in Turkey by trading house Promaks.
No purchase has yet been made and talks continue, traders said. The TMO traditionally goes into several rounds of negotiations in its tenders seeking lower prices than initial offers.
Traders said some export houses have been shipping Russian wheat into Turkey in advance of sales to escape repeated increases in Russia’s export taxes.
The lowest price was followed by other offers including $345.50 c&f, $356.50 c&f and $359.40 c&f with some also including wheat already in Turkish warehouses.
The tender seeks wheat with 11.5% and 12.5% protein content shipment to several Turkish ports between Dec. 10 and Dec. 31.
Turkey has been buying grains heavily in international markets in past months after drought damaged its crop this summer, traders said.
(Reporting by Michael Hogan; Editing by Edmund Blair)
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