LONDON/HAMBURG - Iran is approaching Kazakhstan and other Caspian Sea suppliers for fresh wheat deals after buying over 1 million tonnes in recent weeks from global markets as Tehran seeks to bolster strategic stocks after recent elections.
Iran, once a wheat exporter, is forecast to need at least 5 million tonnes of imports in the season starting in summer, amid market talk its harvest this year was not as good as hoped.
"There is a new government in place and they have given the green light to buy wheat. It is also (the Muslim fasting month of) Ramadan, so they need to keeping boosting stocks," a Middle East based trade source said. "They will find whatever ways and means are required to secure purchases."