December 12, 2023

US wheat exports soar with surge in sales to China

The United States is set to experience a substantial increase in wheat exports this year, primarily attributed to a surge in sales to China, resulting in smaller domestic inventories than anticipated by analysts, The Japan Times reported.

According to latest World Agricultural Supply and Demand Estimates report from the US Department of Agriculture (USDA), US shipments of the soft red winter variety are expected to reach the highest levels in a decade, with the USDA attributing this surge to several large recent export sales to China.

The report also forecasts smaller-than-expected stockpiles of US corn, primarily due to increased exports of the yellow grain.

The improved demand for US crops has provided crucial support to futures in the current month, despite the fact that global reserves continue to remain plentiful.

-      The Japan Times