Bagadia Brothers offer wheat at $399.69, which is lower than previous two tenders. The bid is around seven dollars lower than the previous tender. An Indian exporter makes the lowest bid on Bangladesh’s latest tender to import 50,000 tonnes of wheat.
Swiss Singapore Overseas made the second lowest bid at $399.69 a tonne and Intra Business Pte Ltd, Singapore, offered wheat at $ 409.38 a tonne.
This time the bids are lower as the arrival of wheat has begun and prices are expected to be under pressure. This is an advantage to our country since crops from no other exporting country will hit the market at least until June. The bid costs include cost, insurance, freight and unloading charges, said Rajesh Paharia Jain, a Delhi based exporter.
Dhaka had till now been buying the food grain from Russia, but the Ukraine war has disrupted its supplies, Indian wheat is likely to gain from Bangladesh’s demand at least this year. India will export at least 10mt of wheat during the current fiscal year, said Commerce, Industry, Food and Public Distribution Minister Piyush Goyal. Last year, a record 7.7 mt of wheat were estimated to have been shipped out with Bangladesh alone buying 3.5mt.