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US wheat net export sales up 88% on week on bookings from Japan, Philippines

New Delhi — US net export sales of wheat in the week to October 24 rose 88.1% week on week to 493,761 mt, led by large bookings from Japan and the Philippines, US Department of Agriculture data showed Thursday.

Wheat export sales were in line with market expectations, according to analysts, who had expected sales to be in a range of 200,000-500,000 mt.

For the 2019-20 marketing season, the Philippines and Japan are the second- and third-largest buyers of US wheat, respectively, after Mexico. The 2019-20 marketing year for US wheat started from June 1 and will run through May 31, 2020.

In the week ended October 24, net export sales to Japan were 117,700 mt. The Philippines contracted 112,000 mt of US wheat in the same period.

Physical wheat exports -- those which have been shipped from the US -- saw a decline, falling 15.1% week on week to 422,486 mt, according to the USDA report.

The top destination for physical wheat exports was Mexico, followed by Japan and Taiwan.

With around four months into the new marketing year, total commitments -- cumulative exports plus outstanding sales -- account for 56.4% of the total US wheat exports estimated for 2019-20.

The US is expected to export 25.9 million mt of wheat in the 2019-20 marketing season, according to the latest USDA estimates.

So far, total commitments to the Philippines has reached 1.7 million mt, while Japan's total commitments were 1.5 million mt of wheat.

Mexico remains far ahead as the largest buyer of US wheat, with year-to-date total commitments reaching 2.2 million mt in the latest week, according to the USDA data.

Mexico mainly buys US Hard Red Winter grade wheat, while Japan imports a mix of HRW and White wheat. The Philippines mainly imports Hard Red Spring grade wheat.

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

-- Edited by Jonathan Fox, newsdesk@spglobal.com