The Government Trading Corporation of Iran (GTC), a state-owned agency, is believed to have purchased a volume of wheat that was not disclosed late last week. It's expected that the wheat will be sourced in part from Russia.

Traders said Iran wanted to buy about 180,000 tons of goods for shipment to Middle East Gulf port and about 60,000 to Caspian Sea port.

Traders have reported that they were asked to provide prices for the September shipment.

The reports reflect the opinions of traders, and it is still possible to estimate prices and volume later.

The complexity of payment arrangements for Iranian purchases made it difficult for traders to participate in the purchase negotiations.

The sanctions imposed by the West on Iran for its nuclear program do not apply to food, but they have affected Iran's financial sector, causing complex and irregular payment arrangements. Reporting by Olga Popova, Moscow and Michael Hogan, Hamburg

(source: Reuters)