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US wheat net export sales surge 226% on week, Philippines emerges as largest buyer

  • Author
  • Rohan Somwanshi
  • Editor
  • Wendy Wells
  • Commodity
  • Agriculture

New Delhi — US wheat net export sales totaled 611,997 mt in the week ended June 20 -- the third week of the 2019-20 marketing season (June-May) -- surging 226% from the week before and up 8.6% from the same week a year earlier, latest data from the US Department of Agriculture showed.

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The latest weekly sales exceeded market expectations -- analyst estimations had been in the range of 195,000-495,000 mt.

Physical wheat exports -- those which have been shipped from the US -- totaled 418,496 mt in the latest week, according to the USDA report released Thursday.

Year to date, US wheat exports have totaled 1.2 million mt, 12.4% higher than a year earlier. US wheat's new marketing year began June 1.

Total commitments -- cumulative exports plus outstanding sales - rose 9.6% on week to 6.9 million mt in the week ended June 20.

Year-to-date wheat sales are 2% 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.

The US is expected to slip below the EU to become the world's third-largest wheat exporter in the 2019-20 marketing year, according to the USDA.

PHILIPPINES BOOKS BIGGEST VOLUME

The Philippines booked the largest volume of US wheat in the latest week, buying 116,000 mt, followed by Guatemala at 88,300 mt and Japan at 81,500 mt, the USDA data showed.

With its large booking, the Philippines soared ahead of Mexico to become the largest buyer of US wheat in the year-to-date marketing year, according to data from the US Wheat Associates, which looks into developing and expanding global markets for US wheat producers.

Year-to-date net export sales to the Philippines and Mexico were reported at 859,000 mt and 841,000 mt, respectively, with Japan and Nigeria the next two biggest markets for US wheat.

The Philippines mostly imports Hard Red Spring and White grade wheat.

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

-- Edited by Wendy Wells, newsdesk@spglobal.com