* Iran tapping market for wheat, corn outside formal tendersBy Maha El Dahan, Parisa Hafezi and Jonathan Saul
The urgency has prompted Iran to alter its approach to buying commodities, seeking out direct contracts -- rather than announcing international purchasing tenders -- with smaller-sized trading houses. Competition for international commodities is heating up as governments move to buy more to shore up their reserves, spurred into action by lockdowns which have slowed supply chains and prompted export curbs.
Iran has already faced waves of politically-charged protests against economic mismanagement, rampant corruption and scarce jobs. Large trading houses, hit by payment delays and large demurrage fees as a result of long waits at ports, are mostly shying away from Iran. "It is easier for them to get things going that way and to get payments through," he said, adding that Iran was currently attempting to sign contracts for 250,000 tonnes of wheat and 200,000 tonnes of corn for delivery in April and May in that manner.
If payment is possible via Swiss banks, traders at multi-national trading houses said they would resume high-volume sales to Iran.Iran, one of the world's largest consumers of bread, needs around 16 million tonnes of wheat annually.
Zero sympathy. Let Iran rot.
SanctionsKill
we're losing an opportunity.. Problem lies in the adults not being at the table.
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