DHAKA, Feb 11 (Reuters) - Olam International made the lowest
offer to sell 50,000 tonnes of wheat to Bangladesh for $331.88 a
tonne, including freight, insurance and other expenses, in a
tender that opened on Monday, an official from the state grains
Seven bidders took part in the tender, the ninth issued by
the government's grain purchasing authority in the current
fiscal year which ends in June.
Monday's offer from the Singapore-based trading firm
is higher than the lowest offer of $322 a tonne from a
Korea-based firm Dong Yank in a previous tender last month.
The offer will be submitted to the cabinet's purchase
committee for approval. The wheat is to be shipped within 40
days after the deal is signed.
The state buyer has so far purchased 400,000 tonnes of wheat
in the current financial year.
Apart from the government, private traders import 2.5
million to 3 million tonnes annually to help meet annual demand
for more than 4 million tonnes. Bangladesh's domestic production
amounts to nearly 1 million tonnes.
The South Asian country has plentiful rice stocks, but a
sudden rise in rice prices recently prompted the commerce
ministry to alert district administrators to check whether any
unscrupulous traders had been hoarding the staple to make
The government has also shelved a plan to overturn a
four-year old ban on rice exports amid soaring prices.
(Reporting by Ruma Paul; editing by Anis Ahmed)