U.S. wheat exports are headed for “a new record low of 850 million” bushels due to mammoth supplies worldwide and the strong dollar, which pushes U.S. wheat out of the price range of some importers, says the monthly Wheat Outlook. Exports usually are around the 1 billion-bushel level and amount to 45 percent of the crop. Sales are moving at a slow pace this marketing year, however. “The United States remains priced out of most global wheat trade, with a further decline in its wheat export prospects,” says the USDA report.
With abundant wheat harvests around the globe, world stocks are forecast to be record-large. The United States often is the world’s largest wheat exporter, but this marketing year, it will trail the European Union and Russia.