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US wheat exports grow 23%

U.S. wheat exports totaled $2.024 billion in the first quarter of 2022, up 23 percent year on year.

Its main destinations were: Mexico (386 million dollars, +31.9%), Japan (287 million, +74.2%) and the Philippines (263 million, +71.2 percent).

Globally, according to the USDA, world wheat prices for most major exporters have eased over the past month as markets have settled somewhat following price spikes following the Russian invasion of Ukraine.

Other notable markets for US wheat exports were South Korea ($129 million, +8.9%) and Nigeria ($128 million, +20.1 percent).

Canadian quotes fell $35 a ton from the previous month, while Argentine quotes fell $29 a ton.

U.S. wheat exports totaled $2.024 billion in the first quarter of 2022, up 23 percent year on year.

At the same time, prices in Russia fell $10 a tonne amid predominantly subdued conditions for winter crops and continued ability to export from the Black Sea.

In contrast to declines elsewhere, Australian quotes rose $36 a tonne on strong international demand, particularly from markets in sub-Saharan Africa and Southeast Asia.

Wheat exports

World wheat production increased last April mainly due to larger crops in Argentina and Pakistan, slightly offset by reductions in the European Union.

According to the USDA, global consumption rose in April with more feed use and waste in Ukraine; increased food, seed and industrial use in India and Pakistan.

Ending stocks were revised down in April mainly due to drawdowns in India and are down 4% globally from a year earlier.

Imports are forecast lower in April with reductions for Egypt, the European Union, Iraq and Turkey.

Conversely, exports have decreased for the European Union and Ukraine, but partially offset by increases for Brazil and Russia.

The US seasonal average farm price rose 10 cents a bushel to $7.60.

Brazil, a traditional net importer of wheat, has taken advantage of strong global import demand, tight global supplies and high international prices to expand its exports.

Rising 800,000 tonnes in April to 2.5 million, 2021/22 exports have almost tripled from last year’s total and are just below their 2010/11 record.

 

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