HAMBURG: The lowest price in the first round of offers in the tender on Thursday from Turkey’s state grain board TMO to purchase 565,000 tonnes of milling wheat was believed to be $328.99 a tonne c&f for Russian-origin wheat, traders said in initial assessments.

The offer was submitted by trading house Grainflower/GTCS, which offered to supply most of the tender volume with Russian wheat at $328.99 or $329.99 a tonne c&f, they said.

Price negotiations continue, they said.

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The TMO traditionally undertakes several rounds of negotiations seeking lower prices than the initial offers.

No purchase has yet been made and initial results of the tender are expected later on Thursday, they said.