Saudi Arabia has contracted 300,000 tons of wheat at "aggressively low prices"

According to market operators, Saudi Arabia's main state procurement agency, GFSA, has contracted 300,000 tons of wheat with a protein content of 12.5% from the EU, the Black Sea region, and North and South America as part of an international tender. Specifically, for delivery to the port of Jeddah, the importer expects to receive 60,000 tons of wheat from Cargill at a cost of $258 per ton C&F and a similar volume from Solaris at $259.74 per ton C&F. Two batches of 60,000 tons each are expected to arrive at the port of Yanbu from Cargill at $257.96 per ton C&F and $258.88 per ton C&F. Another batch of the same volume, contracted at $259.49 per ton C&F, is to be shipped by COFCO. "The purchase prices for wheat appear aggressively low, approximately $7-8 per ton below market prices, which may indicate their ...