US Wheat Exports Hit 50-Year Low

The U.S. Department of Agriculture (USDA) reported a decline in U.S. wheat exports for the 2022/23 marketing year, as compared to the same period in the previous year. Exports reached only 775 million bushels, marking the lowest point since the 1971/72 season. This decrease is attributed to the uncompetitive pricing of U.S. wheat compared to other major global suppliers, leading to a slow pace of new sales.

Despite the overall decline, there are some variations among different wheat classes. White wheat exports are expected to reach 200 million bushels, a 10 million bushel increase from previous estimates. Conversely, Hard Red Spring wheat exports are projected to fall to 220 million bushels, down by 10 million bushels.

The report also highlights a rise in U.S. wheat imports, estimated to reach 125 million bushels, a significant jump from the 95 million bushels imported in 2021/22. This increase is driven by Durum and White wheat imports, likely due to domestic supply and demand dynamics.

While the season-average farm price for wheat is projected at a record high of $8.90 per bushel, it represents a slight decrease from previous estimates. This adjustment reflects recent price trends and expectations for the remainder of the marketing year.