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News 315 views last update:6 Aug 2012

Cargill offered to sell wheat to India

Cargill Inc. and Glencore International AG are among seven companies that have offered to sell wheat to India as the nation seeks to buy 1 million metric tons to boost reserves.

Louis Dreyfus Corp. and Concordia Trading Corp . also bid, said a government official involved in the tender in New Delhi. The suppliers offered a combined 920,000 tons at $317 a ton and $370 a ton, he said. That's more than the lowest price of $265 quoted in a tender that was cancelled on May 30.

Boost stockpiles
India is buying wheat for a second year to boost stockpiles as demand exceeds output. The South Asian nation had 13.3 million tons of wheat in state warehouses as of May 31, less than the 17.1 million tons the government needs to store by July 1. Imports may rise to 5 million tons this year to cope with emergencies, Agriculture Minister Sharad Pawar said on May 12.

India called bids on June 26 for the grain to be delivered between August and November.

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