Bangladesh Tries to Secure Wheat from Russia
USAgNet - 06/23/2022
Bangladesh is trying to secure wheat supplies from Russia in a government-to-government deal after it's biggest supplier India banned exports of the grain last month to contain local prices, government and trade officials told Reuters on Wednesday.
The supply deal with Russia, the world's biggest wheat exporter, could help Dhaka in meeting its needs below the elevated global prices Wv1, industry officials said.
Bangladesh is holding a virtual meeting with Russia on Thursday to finalise the deal, said a senior official with Bangladesh's food ministry.
"We'll initially seek at least 200,000 tonnes of wheat from Russia," said the official, who declined to be named.
The Ministry of Food did not immediately respond to a request for comment.
Bangladesh imports around 7 million tonnes of wheat and last year more than-two thirds of that came from India.
After India's export ban, Bangladesh tried to secure supplies via international tenders but has cancelled them because of high prices.
Bangladesh was paying less than $400 per tonne on the cost and freight basis for Indian wheat, but after the ban other suppliers started quoting above $460, which raised local prices in Bangladesh, said a Mumbai-based dealer with a global trading firm.
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