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US wheat net export sales nearly double on week, Philippines books large order

New Delhi — US wheat net export sales totaled 610,948 mt in the week-ended September 5, up 95.8% week on week led by large bookings from the Philippines, latest data from the US Department of Agriculture showed Thursday.

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The latest weekly sales were above market expectations. Analysts had estimated sales in the range of 250,000-600,000 mt.

The Philippines booked the largest volume during the week, with net export sales hitting 109,000 mt, followed by Mexico's 91,900 mt.

Physical wheat exports -- those which have been shipped from the US -- totaled 404,419 mt in the week, according to the USDA report. Thailand recorded the largest shipment volume for the week at 58,400 mt.

Total commitments -- cumulative exports plus outstanding sales -- rose 4% on the week to 12 million mt in the week-ended September 5.

Marketing year to date, US wheat exports totaled 6.9 million mt, 21.5% higher than a year earlier. US wheat's new marketing year began June 1.

Total wheat sales to the Philippines reached 1.4 million mt in the marketing year-to-date period, according to US Wheat Associates data.

The Philippines mostly buys Hard Red Spring-grade wheat.

Meanwhile, total US wheat sales to Mexico reached 1.7 million mt in the marketing year-to-date period, making it the biggest buyer of US wheat over the period, USW data showed.

Mexico has traditionally been the top buyer of US wheat. It largely buys US Hard Red Winter grade wheat.

With over three months into the new marketing year, total commitments now account for 45.2% of the total US wheat exports estimated for 2019-20.

The USDA, in its latest World Agricultural Supply and Demand Estimates report, kept its US wheat export estimate for 2019-20 unchanged at 26.5 million mt.

It projects the US to slip below the EU to become the world's third-largest wheat exporter in the 2019-20 marketing year.

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

-- Edited by Shashwat Pradhan, shashwat.pradhan@spglobal.com