India buys wheat from ADM, Cargill
yahoo.reuters.com
Tue Jul 11, 2006 1:41pm ET
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CHICAGO, July 11 (Reuters) - Cargill Inc. and Archer Daniels Midland Co. (ADM.N: Quote, Profile, Research) have been awarded $141 million worth of contracts to supply India with 705,000 tonnes of wheat, the country's embassy in Washington said on Tuesday.
Decatur, Illinois-based ADM will supply 300,000 tonnes of wheat for $59.5 million while privately owned Cargill will supply 405,000 tonnes for $81.6 million.
The purchases were part of a recently concluded tender by India to import 2.2 million tonnes of wheat between September 2006 and January 2007 to replenish stocks and rein in prices.
U.S. grain exporters have said Canada would supply nearly half of the 2.2 million tonnes valued at $435 million, with the rest coming from Europe, Russia and Argentina.
The exporters said supplies from the United States, the world's top wheat exporter, were not in the running in the tender because of India's stringent quality specifications.
An official at the Indian embassy in Washington said he had no information on the origin of the wheat to be supplied by ADM and Cargill.
India began importing wheat for the first time in six years as prices rose in southern, nonwheat growing states. |
