(Updates with comments from Openfield in third paragraph.)
Nov. 17 (Bloomberg) -- U.K. cereals merchant Openfield, the country’s largest grain cooperative, signed a deal to supply feed wheat to the U.S., the company said.
Corn, the main ingredient in livestock feed in the U.S., has gained 19 percent in the past year on speculation that the crop will be smaller because of dry weather in the summer months, which caused feeders to look for cheaper sources of the grain, Openfield said today on its website.
“The approach from the U.S. followed the dramatic rise in their domestic corn prices which led a major feed compounder to look to Europe to satisfy demand,” Openfield said. Details of the sale are confidential, the Grantham, England-based company said.
Corn has gained 2.6 percent this year, making it the second-best performing grain behind rice.
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