Iran said seeking vegetable oils - US trade
CHICAGO, April 18 (Reuters) - Iran is seeking 20,000 tonnes of soybean
oil and 20,000 tonnes of sunseed oil for last-half May through first-half
June shipments, U.S. exporters said.
"They were looking for 20,000 tonnes of bean oil yesterday and
are looking for 20,000 tonnes of sunoil today, both of South American origin,"
one exporter said.
It could not be immediately confirmed if Iran had concluded any deal.
Traders at the Chicago Board of Trade said rumours of Iran purchasing
vegetable oils helped to lift soyoil futures. CBOT soyoil futures ended
0.24 to 0.52 cent per lb higher.
"There's talk about Iran buying some oil but they are unlikely
to buy from the U.S.," one trader said.
U.S. farmers have been lobbying the Clinton Administration to extend
GSM export credits to Iran following the government's lifting of restrictions
on the sale of food and medicine to Iran , Libya and Sudan last year.
Iran 's agriculture minister warned on Tuesday the country faced a major
drought for a fourth consecutive year, saying his ministry lacked funds
to prevent widespread crop failure.
Droughts in recent years have turned Iran into one of the world's top
wheat importers.
((K.T. Arasu, Chicago Commodities Desk (312) 408-8720, chicago.commods.newsroom@reuters.com)).
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