The U.S. Department of Agriculture says America’s all-wheat exports are projected to be 700 million bushels, the lowest level since the 1971-1972 marketing year. That’s a 25-million-bushel reduction from the prior month’s forecast. Despite an increase in Hard Red Winter Wheat production, exports are cut 25 million bushels to 165 million, the lowest level since by-class supply and utilization records began in 1972-1974.
U.S. exports of HRW remain uncompetitive on the global market as shown by shipment and sales data. HRW exports in June were 10 million bushels, down from 19.2 million bushels in June 2022. Using data for the Foreign Agricultural Service’s Export Sales Reporting, all-wheat U.S. total commitments are about 6.4 million metric tons as of August 3, down 26 percent from the same point last year. It’s also 37 percent below the recent ten-year average at this point. HRW total commitments are 53 percent lower compared to last year.
