USA: Wheat Price Decline Boosts Export Sales

Weekly export sales of American wheat (between March 17 and March 23) this time exceeded the market expectations, which were 250,00 – 450,000 tons. Sales were supported by the wheat decline in Chicago.

The weekly index reached 464,100 tons for old yield wheat and 163,500 tons from the new yield. Weekly export reached 495,400 tons of wheat. Big sales were made to some non-traditional buyers such as Saudi Arabia and Indonesia.

Since the start of the season, American wheat sales have exceeded last year's ones by 36.3% versus 36.1% a week earlier.

The biggest weekly buyers were Saudi Arabia with 120,000 tons, the Philippines with 118,400 tons, Mexico with 73,400 tons, Indonesia with 70,000 tons and Taiwan with 48,500 tons. Earlier signed contracts were cancelled by an unspecified buyer with 53,800 tons and Honduras with 2,000 tons.

The biggest weekly wheat receivers were the Philippines with 107,400 tons, Morocco with 91,200 tons, Mexico with 82,800 tons, Nigeria with 55,000 tons and Taiwan with 46,300 tons.