S'pore co offers lowest bid for wheat import

A tender by Bangladesh to import 50,000 tonnes of wheat drew its lowest offer from Singapore-based Agrocorp on Tuesday at $256.38 a tonne, officials at the state grains buyer said, reports Reuters.

Two other trading houses competed for the tender from Bangladesh's Directorate General of Food, quoting deliveries at $258.95 a tonne and $262.89 a tonne.

The price includes shipping, insurance and discharge costs.

Bangladesh emerged as a major buyer of rice and wheat in 2017 after floods destroyed its crops, sending rice prices to record highs and prompted many people to switch to flour.

The south Asian country imported 5.8 million tonnes of wheat in the year to June 2017, making it one of the world's biggest importers of the grain.

Bangladesh has turned to the Black Sea region for wheat as supply from India dwindled to meet growing demand while the country's output has stagnated at around 1 million tonnes.

Bangladesh also buys smaller quantities of high-quality Australian and Canadian cargoes for blending.