Saudi Arabia bought 60,000 tons of Ukrainian wheat at USD 248 a tonne from the investment company SALIC, which owns the Mriya agricultural holding in Ukraine, Reuters reports.
The purchase was made by the Saudi Grains Organization (SAGO).
This is the first purchase of grain by Saudi Arabia through investments in agriculture abroad.
The country invested into buying cheap agricultural land to enhance its food security for ten years (Saudi Arabia dependent on food imports for around 80-90%). The indicated purchase of grain was the first result in this activity.
Saudi Arabia previously imported wheat from the United States, South America, Australia and Europe. Last year, SAGO reduced its requirements for wheat damage, which allowed to increase imports from the countries of the Black Sea region, the agency said.
Ukrainian wheat purchased by the Saudis contains 11-12% protein and should be delivered in September.
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