Saudi buys 550,000 T of wheat at avg $240.8/T

Saudi state grains authority's latest purchase of 550,000 tonnes of wheat was at an average of $240.8 per tonne, the authority said on Monday after it announced the buy a day earlier. Grain Silos and Flour Mills Organization (GSFMO) said it last week bought 220,000 tonnes of wheat with a 12.5 per cent protein content at $234.27 per tonne and another 330,000 tonnes with a 14 per cent protein content at $245.14 per tonne. GSFMO pointed out however that the wheat - six cargoes of which would be shipped to the Red Sea port city of Jeddah and four to the Eastern port city of Dammam - would be delivered over the June-October period. On Sunday, the official news agency quoted the authority as saying that this 550,000 tonnes would be delivered in June. European traders had said on Wednesday that GSFMO was seeking optional origin for shipment spread through June, July, August, September and October 2010.