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US wheat net export sales fall 63% on week, physical exports at marketing year low

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US wheat net export sales fall 63% on week, physical exports at marketing year low

New Delhi — US net export sales of wheat fell 63% on the week to 228,086 mt for the week ended November 28 after rising in the last two weeks, the US Department of Agriculture data showed on Thursday.

On a year-on-year basis, net export sales were 68% lower for the reporting week.

In the reporting week, physical wheat exports from US were at a marketing year (June-May) low of 231,700 mt. The physical exports were 48% lower on the week and 51.8% lower from a year earlier. Physical exports are shipments of reportable commodities exported against sales.

Major destinations for the weekly net export sales were Mexico on 45,100 mt, the Philippines on 27,000 mt, Italy on 19,800 mt, Jamaica on 17,100 mt, and Canada on 11,200 mt. About 102,000 mt were sold to unknown destinations.

Physical exports between the start of the marketing year and November 28 totaled 12.38 million mt, which is 22.9% higher on the year.

Total commitments -- cumulative exports plus outstanding sales -- were up 5.5% on the year at 16.45 million mt.

The total commitments now represent 63.6% of the USDA's estimated exports of 25.86 million mt for the current marketing year.

Net export sales reflect new sales activity and are considered to be a more accurate indicator of market strength than physical exports.

-- Shilpa Samant, shilpa.samant@spglobal.com

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

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