November 12, 2012

US 2012-13 wheat exports down 9% to 14.7 million tonnes

The total known outstanding sales and accumulated exports of all classes of US wheat for the 2012-13 marketing year (June to May), through October 25, were 14.7 million tonnes, 9% lower than last year's year-to-date total of 16.2 million tonnes.

This was according to the USDA weekly Export Sales Report.

Commitments to date (of wheat and wheat products) are 47% of total projected exports, down from the five-year average of 67% of exports committed by this date.

Through October 25, US hard red winter (HRW) sales were 5.72 million tonnes, soft red winter (SRW) sales were 2.06 million tonnes, hard red spring (HRS) sales were 3.85 million tonnes, white wheat (including soft white (SW), club and hard white (HW)) sales were 2.74 million tonnes and durum sales were 0.34 million tonnes.

USDA's outlook for 2012-13 US wheat exports remains bullish, however. Export prices for other origins have increased as exportable supplies tightened and production forecasts expect smaller crops in the southern hemisphere. After US wheat prices ran up with corn in June and July, they have been fairly steady for several weeks. So while US sales are running at a slower pace than last year (when US total sales reached 28.2 million tonnes), USDA currently predicts that total US wheat sales will reach 31.3 million tonnes.