Millers Scramble to Satisfy Bread-Buying Binge
Ardent Mills, Cargill and CHS are all buying more wheat and durum to boost flour production
North American flour mills and bakeries are rushing to boost production as the spread of the new coronavirus leads to stockpiling of staples like bread and pasta, reports Reuters.
Chicago May wheat futures WK0 were up more than 3% on Monday and hit a one-month high on strong global demand, while premiums for certain grades of milling wheat surged last week.
Denver-based Ardent Mills, North America’s biggest miller and a joint venture of ConAgra Brands Inc., Cargill Inc. and CHS Inc., is buying more wheat and durum used in pasta from farmers to boost flour production.