A tender to sell and export 100,000 tonnes of wheat from a state agency in Pakistan attracted purchase offers equating to around $250 a tonne FOB, European traders said on Wednesday. The tender from the Punjab regional government is part of a new programme of state-backed exports in Pakistan. The price level is relatively high which means the wheat may be exported without subsidies, traders said.

Pakistan's government in November approved the export of up to 500,000 tonnes of wheat, possibly with subsidies, to reduce large local supplies. The decision has added more supplies to global markets.

Copyright Reuters, 2019