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Glencore Said to Ship Rare French Wheat Cargo to Feed U.S. Herds
Swiss commodities trader Glencore Plc is shipping a cargo of French wheat to the U.S., one of the world’s largest exporters, in a rare move seen only one other time in the past 13 years. Vessel Union Erwin loaded soft wheat at the French port of Rouen last week and is now heading to Wilmington, North Carolina, said Manuel Gaborieau, who’s responsible for grains traffic at the harbor. The ship was chartered by Glencore to carry 45,000 metric tons of the grain, according to a ship lineup obtained by Bloomberg. The deal was probably done earlier this year, when the price gap between French and U.S. wheat was narrower, Matt Ammerman, a commodity risk manager at INTL FCStone Inc., said. The U.S. last imported French wheat two years ago and in 2002, data from the country’s Department of Agriculture showed. http://www.bloomberg.com/news/articles/2016-08-11/glencore-said-to-ship-rare-french-wheat-cargo-to-feed-u-s-herds
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