Wheat export inspections up in latest week
KANSAS CITY — U.S. wheat inspected for export during the week ended Nov. 29 totaled 14,186,000 bus, up 75% from 8,122,000 bus a week earlier, which was revised 284,000 bus higher than initially reported, the U.S. Department of Agriculture said in its weekly Grain Inspections for Export report.
The week’s total included 4,680,000 bus of hard red winter wheat, 2,800,000 bus of hard red spring wheat, 2,262,000 bus of soft red winter wheat and 4,444,000 bus of soft white wheat, the U.S.D.A. said.
Mexico was the principal destination with 3,879,000 bus, following by Yemen with 1,819,000 bus, Guatemala with 1,816,000 bus, South Korea with 1,795,000 bus and Japan with 1,052,000 bus.
Still, total wheat inspections for the week fell below trade expectations of 17 million to 21 million bus. Corn and soybean inspections for the week also were below trade expectations.
Wheat inspected for the 2012-13 marketing year through Nov. 29 totaled 460,995,000 bus, down 14% from 533,620,000 bus during the same period in 2011-12, the U.S.D.A. said.
Wheat exports have been lagging year-ago levels 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. But U.S. prices recently have become more competitive as Black Sea supply tightens.
In a tender over the weekend, Egypt bought 400,000 tonnes of wheat for shipment in January and February, including 280,000 tonnes from the United States, 60,000 tonnes from France and 60,000 tonnes from Romania.