HAMBURG: Pakistani importers have bought about 60,000 tonnes of rapeseed/canola from Australia, European traders said on Friday.
The oilseed was purchased at about $604.50 a tonne C&F for shipment to Karachi between April 20 and May 20, traders said.
“Pakistan traditionally buys rapeseed at this time of year,” one European trader said. “There are also negotiations underway for Canadian canola following other imports of Australian canola recently.
“There are talks with importers about purchasing about 18,000 tonnes of Canadian canola.”
Meanwhile, traders said they do not expect major Pakistani wheat exports in coming months despite a good wheat harvest looming in April in the country.
“Pakistani domestic wheat prices are currently too high at around $340 FOB to compete in export markets and the country is not likely to take a substantial part in the export scene apart from some sales to Sri Lanka because of favourable import duties,” a trader said.
“But Pakistan’s high internal prices are likely to dampen the flow of smuggling to Afghanistan and Iran.”
Indian wheat export sale tenders attracted bids at $274.90 a tonne in late February.