The U.S.A is about to import the largest wheat cargo from the U.K. in more than two decades. A combination of ample British supply, a weaker pound and rock-bottom freight rates are making the unusual trade viable.
It’s unusual for the U.S. to import large quantities of wheat, not least because it’s the world’s third-biggest exporter, behind only Russia and Canada. The U.K., which is a far smaller producer, primarily exports feed-grade wheat to other European nations. Never before has it shipped a cargo that large to America, according to customs records dating to 1992.
British export sales have accelerated in recent months as two years of bumper harvests pushed prices near a six-year low, while a weaker pound boosted the appeal of its supplies.
