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Cuban Grain Purchases From U.S. Advance
WASHINGTON - Mar 4/02 - STAT -- The United States is showing strong gains in agricultural commodity sales to Cuba since its trade embargo was modified last year.
Purchases have topped 210,000 metric tons (MT) since February 20 and include corn, wheat, soy products and rice purchased from Archer Daniels Midland; and similar products from other U.S. based exporters. In the latest deals, ADM sold merchandise for delivery through May.
The first sales were made last November when Riceland Foods Inc. sold rice to Cuba; ADM and Farmland Industries Inc. sold hard, red winter wheat; and Cargill sold corn, wheat and soybean oil. At the time, ADM vice president Larry Cunningham said the company is continuing to negotiate the sale of dry edible beans and cooking oil to Cuba.
The announcements generated considerable rumors in North American dry edible bean markets about impending sales; but high prices and a fundamental shortage of product is making it hard for exporters in the United States to conclude sales.
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