After years of difficulty caused by economic sanctions, suppliers are hoping a nuclear deal will make it easier to win lucrative contracts to sell wheat, sugar and other food to Iran. Iran was never barred from buying food, but EU and U.S. financial measures have made trade more difficult for the past two years by
Food suppliers look to win Iran contracts after nuclear deal
Iran seeks wheat in new import spree
After months out of international grain markets and payment hurdles, Iran is now seeking at least 300,000 tonnes of milling wheat to help satisfy major import needs due to a poor domestic harvest, traders said Monday. Iran has to import 7.5 million tonnes of wheat this year, President Hassan Rouhani said in September, in what
Wheat starts to reach Syria as frozen funds unlocked
Deliveries of wheat are starting to reach Syria’s ports as its bank accounts abroad are gradually being freed from sanctions, with grain traders detecting a greater willingness from European governments to allow deals to go ahead on humanitarian grounds. As civil war grinds on, Syria is facing its worst wheat harvest in three decades. President
Syrian buyer picks up first wheat cargo in weeks
A Syrian buyer has concluded a deal for 23,000 tonnes of milling wheat, the first commercial cargo to be booked in weeks as civil conflict and a financing crunch have held up deals, trade sources said on Friday. Syria faces its worst wheat harvest in nearly three decades as war rages, increasing pressure on the
Iran ramps up wheat buying to secure post-election supplies
Iran has ramped up its campaign to import wheat, buying more than 800,000 tonnes in two weeks in what some traders said was a drive to ensure adequate supplies for a possibly tense period after Friday’s election. This is the first presidential poll since a disputed 2009 contest led to months of unrest in the
ADM says unwittingly used sanctioned Iran ship in grain trade
Archer Daniels Midland (ADM) said it unwittingly used a vessel controlled by a sanctioned Iranian shipping firm last year to transport grain in what was an effort by Tehran to hide the ship’s ownership. The Islamic Republic of Iran Shipping Lines (IRISL) has faced Western and U.N. sanctions for years, based on accusations of transporting
Libya pays extra for food imports, sellers fear disarray
Libya is having to pay extra for food imports and traders say some foreign firms are diverting shipments elsewhere due to fears — dismissed as unfounded by Tripoli — that growing disarray in the country could delay payments. The North African state, much of which is desert, is a big food buyer and has stepped
Shipping slump seen extending into 2013
The global shipping slump is expected to last well into 2013 as a glut of vessels and a growing credit squeeze will challenge even the toughest companies in the seaborne sector, Moody’s Investor Service said on Wednesday. Shipping companies, especially in the oil tanker and dry bulk sectors, already hit by worsening economic turmoil, weak
Japan-bound grain ships reported unable to unload
At least nine vessels carrying grain bound for Japan are unable to discharge their cargoes due to problems at the country’s ports hit by last week’s earthquake and tsunami, trade sources said Wednesday. Concerns about delays or cancellations to Japanese shipments sent benchmark corn and wheat futures contract prices lower in Chicago on Wednesday. Japanese
Argentina Dissolves Agricultural Export Regulator
Argentina has dissolved the agricultural trade agency ONCCA responsible for the country’s corn and wheat export limits, and the government said it will still seek to guarantee domestic supply of grains. It was unclear what the move would mean for Argentina’s heavily regulated export policies, which have angered farmers for years. President Cristina Fernandez’s government
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