US wheat export sales due for a recovery – 08/17/2023

Slack export demand has weighed on US wheat futures prices this summer. In the period  6/1/2023  through 8/10/2023 US wheat export sales totaled just 7 million tonnes compared to the average 10 million tonnes in the same period in the previous ten years. However, USDA data suggest the US wheat export market could pick up this fall.

USDA forecast wheat exports from 4 select major wheat exporters* will drop an estimated 10 million tones during the 2023/24 crop year. Since there is limited US wheat available, the extra export demand could support a turn around in the recent negative wheat price trend

• Argentina. Australia, Canada, Ukraine