Iran inks deal to buy wheat, seeking more

August 11, 2014 8:59 am

Trade sources said that Iran has bought 50,000 tons of Black Sea wheat, as the Islamic Republic tries to bolster stocks from global markets due to a lower-than-expected domestic harvest. The cargoes were purchased by state buyer GTC for August shipment, with further seen in the pipeline, Tehran Times reported. “There is no doubt that GTC is looking for more and this purchase is part of it,” a trade source said. Iran was never barred from buying food under sanctions imposed by the United States and the European Union over Tehran’s nuclear activities.