Frontier Sold 57,000 Tons Of UK Feed Wheat To Vietnam-Traders

17th Jun 2010 18:50

By Alex MacDonald Of DOW JONES NEWSWIRES LONDON (Dow Jones)--U.K.-based Frontier Agriculture Ltd sold 57,000 metric tons of U.K. feed wheat to a customer in Vietnam and expects to ship the wheat from Southampton by Tuesday, traders familiar with the deal said. Frontier is loading U.K. feed wheat from the old crop marketing year ending on June 30, one trader said. The ship will be fully loaded and ready to depart either on Monday or Tuesday, the trader added, but he wasn't able to say how long it would take for the ship to arrive in Vietnam. The sale marks the third time this year that U.K. wheat exporters have sold U.K. feed wheat to countries outside the European Union. Typically, most U.K. exports are sold to EU member states such as Spain, Portugal and Italy. The significant devaluation of the pound and the euro against the dollar, however, has made European wheat more competitive in the international markets. U.K.-based Gleadell Agriculture Ltd. shipped feed wheat to the Philippines from the U.K. in March, one trader said, while other traders noted that wheat was also shipped to the U.S. Whether the U.K. will be able to sell wheat from the upcoming season to countries beyond the EU remains to be seen, traders said. The first trader said "I doubt it. If we are price competitive maybe but traditionally there are origins that more competitive than the U.K.," such as countries around the Black Sea, he said. Frontier is owned by Associated British Foods (ABF.LN) and Cargill Ltd. -By Alex MacDonald, Dow Jones Newswires; 44 20 7842 9328; [email protected] (END) Dow Jones Newswires June 17, 2010 13:50 ET (17:50 GMT)