Economics
Grain Traders Eye Business in Iran as Sanctions Set to Ease
- BayWa, Nidera looking to attract more business from Iran
- Most of Iran's wheat imports come from EU, Russia, Kazakhstan
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Iran is about to open for business, and the world’s grain traders are lining up.
Food wasn’t subject to sanctions, but the rules created enough difficulty to keep out many grain suppliers. Now, with world powers expected to lift restrictions as early as next year, new companies are entering the market. One example: BayWa AG, a German firm that recently shipped Russian grain and South American soybean meal to Iran. While the biggest traders, such as Bunge Ltd. and Cargill Inc., kept operating in the country, the end of sanctions is a chance to expand operations.