New Delhi — US net export sales of wheat for the current marketing year (June-May) more than doubled on the week to 502,674 mt for the week ended December 5 after a steep fall last week, Department of Agriculture data showed Thursday.
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On a year-on-year basis, the net export sales were 33.3% lower for the reporting week.
Physical wheat exports from the US, in the reporting week, were 68.1% higher on the week and 20.6% lower from a year ago. Physical exports are shipments of reportable commodities exported against sales.
Major destinations for the weekly net export sales were Japan with 100,000 mt, the Philippines with 85,900 mt, Thailand with 74,000 mt, Indonesia with 57,000 mt and South Korea with 50,300 mt. About 64,100 mt were sold to unknown destinations.
Physical exports between the start of the marketing year and December 5 totaled 12.77 million mt, which is 20.8% higher on the year.
Total commitments -- cumulative exports plus outstanding sales -- were up 3.8% on the year at 16.96 million mt.
The total commitments now represent 63.9% of the USDA's estimated exports of 26.54 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.
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-- Edited by Derek Sands, firstname.lastname@example.org