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Wheat Deals Eyed

Iran is approaching Kazakhstan and other Caspian Sea suppliers for fresh wheat deals after buying over 1 million tons in recent weeks from global markets as Tehran seeks to bolster strategic stocks after recent elections.

Iran, once a wheat exporter, is forecast to need at least 5 million tons of imports in the season starting in summer, amid market talk that its harvest this year was not as good as hoped.

"There is a new government in place, and they have given the green light to buy wheat. It is also [the Muslim fasting month of] Ramadan, so they need to keeping boosting stocks," a Middle East-based trade source said. "They will find whatever ways and means are required to secure purchases."

Trade sources say the Islamic Republic is picking up cargoes from suppliers in Kazakhstan and Russia and shipping them over the Caspian Sea, a key gateway.

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