US wheat exports fall to 50-year low

US wheat exports ended the 2021-22 marketing year at their lowest in 50 years, as the product remained uncompetitive with all key origins throughout the season.

Wheat shipments from the US totalled 18.67mn t on 1 June 2021-31 May 2022, down from 26.99mn t a year earlier and at their lowest since 1971-72, when they reached 16.31mn t. In the last reporting week to 31 May, exports reached 138,800t, against 372,700t seven days earlier.

Exports were also considerably below official estimates, with the US Department of Agriculture (USDA) most recently pegging shipments of crop at 21.91mn t for 2021-22.

Mexico was the largest importer of US wheat last season, with 3.57mn t heading to the destination. This was slightly up from 3.46mn t exported to the buyer in 2020-21.

Meanwhile, exports to China — the second-largest buyer of US wheat in 2020-21 — fell to just 847,900t from 3.21mn t a year ago. At the same time, Philippines-bound shipments totalled 2.64mn t in 2021-22, against 3.17mn t a year earlier.

In contrast, exports to Nigeria rose to 1.68mn t from 1.34mn t a year ago, as the buyer gradually switched to US purchases from other high-protein wheat origins, including Canada.

Exports in the first two days of the 2022-23 marketing year totalled 212,000t, with most consignments heading to Mexico, the Philippines and Japan.

US wheat exports are forecast to reach 21.09mn t in 2022-23, amid expectations of timid output recovery — at 47.05mn t, against 44.79mn t in 2021-22, under USDA forecasts.

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