Wheat exports barely meet expectations

by Ron Sterk
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KANSAS CITY — U.S. wheat inspected for export during the week ended Nov. 8 totaled 10,458,000 bus, down 25% from 14,037,000 bus a week earlier, the U.S. Department of Agriculture said in its weekly Grain Inspections for Export report.

The weekly total was at the low end of trade expectations that ranged from 10,000,000 to 15,000,000 bus.

Wheat inspected for the 2012-13 marketing year through Nov. 8 totaled 427,311,000 bus, down 13% from 488,819,000 bus during the same period in 2011-12, the U.S.D.A. said.

Wheat exports have been lagging year ago levels as well as U.S.D.A. projections in part due to high U.S. wheat prices relative to European and Black Sea region sources, and because freight costs are lower from those areas when shipping to key Middle East markets.

In its Nov. 9 World Agricultural Supply and Demand Estimates, the U.S.D.A. projected 2012-13 U.S. wheat exports at 1,100 million bus, down 50 million bus from its October projection but up 50 million bus from 2011-12.
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