Reuters: Most Read Articles: UPDATE 1-Iran buys at least 50,000 T wheat in strategic move

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UPDATE 1-Iran buys at least 50,000 T wheat in strategic move Jul 25th 2013, 14:46 Thu Jul 25, 2013 10:46am EDT HAMBURG/LONDON, July 25 (Reuters) - Iran has picked up at least 50,000 tonnes of milling wheat, traders said on Thursday, adding to over 1 million tonnes snapped up from international markets in recent weeks as Tehran seeks to boost grain reserves. Once a wheat exporter, Iran is forecast to need at least 5 million tonnes of imports in the season starting in summer, with market talk its harvest this year was not as good as hoped. Traders said the purchased wheat was Black Sea origin for late August shipment. "The Iranians remain in the market and are buying again despite their recent large purchases as their requirement is large," one trade source said. Trade sources told Reuters earlier this week the country's state grain buyer had approached Kazakhstan and other Caspian Sea suppliers for separate supplies as part of its buying strategy. "There are firm expectations that we will continue to see more cargo interest from Iran," another trade source said. (Editing by William Hardy)

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