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Not a great week for EU, US wheat exports

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Not a great week for wheat export data from either the European Union or US.

 

The EU exported just 18,000 tonnes of soft wheat in the last week of October, taking total shipments for the season (which started in July) to 6.606m tonnes.

 

That represents a 25% drop year on year.

 

For durum wheat, the type used in pasta, the data are even less impressive, with exports down 49% at 219,000 tonnes, while imports are up 79% at 734,000 tonnes.

A year ago, the EU was running, narrowly, as a net exporter.

 

US wheat results

 

For the US, meanwhile, export sales in the week to last Thursday, at 347,800 tonnes, were down 4% week on week and 15% below the four-week average, the US Department of Agriculture said.

 

That said, the result was in line with investor expectations, which ranged from 250,000-450,000 tonnes.

 

Hard red winter wheat was the standout class this time, accounting for 168,000 tonnes of sales, with hard red spring and white wheat both around 80,000 tonnes, and soft red winter wheat again disappointing at a nominal 11,000 tonnes.

 

Row crop data

 

Among the row crops, US corn export sales for 2017-18, at 811,400 tonnes, down 37% week on week, came in at the bottom end of a forecast range of 800,000-1.10m tonnes.

 

Soybean export sales, at 1.97m tonnes, topped the estimate range of 1.45m-1.85m tonnes, although fell 19% week on week.

 

Soymeal export sales, at 225,000 tonnes, came in towards the top end of the range of market expectations of 100,000-250,000 tonnes.

 

Ditto soyoil export sales, which reached 27,000 tonnes, compared with expectations of 8,000-30,000 tonnes.

 

For the EU, corn imports for 2017-18, on a July-to-June basis, reached 4.808m tonnes, up 280,000 tonnes week on week, and up 72% on the year-ago pace.

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