U.S. wheat export pace supports 2012-2013 forecast

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U.S. 2012/13 wheat exports remain unchanged this month at 28.5 million tons (1,025 million bushels for June-May), with its SRW prices being competitive in comparison with other major exporters.

This projection is 0.4 million tons higher than exports estimated for 2011/12. According to U.S. Census data for July 2012 through February 2013, grain inspection data for March, and outstanding export sales as of March 28, export commitments (from the three sources combined) are on par with last year, while a month ago the commitments were lagging almost a million tons behind.

The current U.S. local June-May marketing year projection for 2012/13 is 0.7 million tons lower than the 28.6 million tons estimated for the 2011/12 local marketing year, with total commitments for the June-May year lagging behind last year by about 0.5 million tons.

Source: Wheat Outlook

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