CHICAGO:Two cargoes of Argentine wheat were scheduled to arrive at port in Wilmington, North Carolina, shipping data showed on Friday, indicating a rare situation where U.S. buyers actually find it cheaper to purchase imported grain than abundant domestic supplies.
Argentina’s wheat prices tumbled last month after the country devalued its peso and scrapped export taxes. The South American country also sold large volumes to top global wheat importer Egypt for the first time in years. Chatter circulated that hog producers in the southeastern United States were buying feed-quality Argentine wheat that was priced at a discount both to U.S. corn and U.S. wheat.
North Carolina port data showed vessel Nord Capella with an estimated U.S. arrival of Feb. 5 and the vessel due on Feb. 14. Reuters data as of midday Friday showed each vessel at port in Argentina.