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US weekly wheat exports down 42.4%, behind trade expectations

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US weekly wheat exports down 42.4%, behind trade expectations

New Delhi — The US weekly wheat exports totaled 187,567 mt for the 2019-20 marketing season (June-May), down 42.4% from the past week, and 59% lower from a year-ago period, data from the US Department of Agriculture showed.

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The latest weekly sales fell behind the market expectations, with analysts estimated it to be in the range of 195,000-495,000 mt.

Physical wheat exports -- that have already been shipped from the US -- totaled 431,000 mt in the latest week that ended June 13, with the year-to-date exports hitting a steady pace, reaching 811,100 mt, compared with 736,900 mt in the same period of 2018-19, according to the USDA report released Thursday.

Total commitments -- cumulative exports plus outstanding sales - were up slightly from the past week at 6.3 million mt.

Year-to-date wheat sales is marginally ahead of the seasonal pace needed to reach the USDA's annual export target of 24.5 million mt for the 2019-20 marketing season, according to financial services firm INTL FCStone.

Algeria emerged as the largest destination for the US export sales in the latest week, buying 59,900 mt, followed by Yemen at 58,400 mt and Japan at 38,700 mt.

In the year-to-date marketing period that began June 1, Mexico remained the largest buyer of US wheat, purchasing 792,000 mt, followed closely by the Philippines, at 743,000 mt, according to the US Wheat Associates data.

Wheat sales to Mexico in the current marketing year have doubled from the past year, USW data showed. USW looks into developing and expanding global markets for US wheat producers.

-- Rohan Somwanshi, rohan.somwanshi@spglobal.com

-- Edited by Debiprasad Nayak, newsdesk@spglobal.com