Iraq continues talks to buy 100,000 tons of American rice

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European traders said on Friday that Iraq was continuing its talks to buy about 100,000 tons of rice for supply from the United States.
European traders said today (May 19, 2017) that the Ministry of Commerce in Iraq, addressed the commercial companies to inquire about prices instead of an official international tender, but has not made any purchases yet.
Traders pointed out that the offers were submitted on May 15 and remain in force until May 21, noting that Iraq, a major global buyer of wheat and rice, made only two offers for immediate shipment.
A US-based international trading firm offered $ 587 per ton, including shipping costs for the supply of 100,000 tons. A Middle East based trading company offered a supply of between 40 and 60 thousand tons at $ 595 per ton, including shipping costs.
The Iraqi cabinet had authorized the Ministry of Commerce on May 9 to make direct purchases of wheat and rice to achieve food security in the country.
Iraq is struggling to import grain for the food price subsidy program after imposing new conditions for repayment and quality. Commercial firms have praised participation in its global bidding.
Iraq told suppliers earlier this year that it would pay for the grain in installments. Traders said the Iraqi Grain Board had told them that falling oil prices and other financial factors had prompted the country to delay payment of dues.

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