U.S.2013/14 wheat exports boosted

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The 2013/14 July-June U.S. export projection is increased 3.0 million tons this month to 29.5 million, with the June-May local marketing year up 100 million bushels to 1,075 million. Wheat production prospects for the United States are up 0.9 million tons this month, while wheat supplies are up just 0.2 million tons due to lower beginning stocks. Strong early sales and reduced competition from Argentina boost prospects for U.S. wheat exports in 2013/14. As of the beginning of July, The United States had already committed more than 10 million tons of wheat, about 40 percent more than last year. In addition to selling to China, the United States is replacing Argentina in a number of the latter’s traditional markets, selling unusually large quantities to Brazil, Colombia, the Dominican Republic, Guatemala, and Peru. However, U.S. prices are high compared to other exporters, and transportation costs to the crucial North African and Middle Eastern markets are comparatively high. As competitors’ new crop supplies become available, U.S. export sales and shipments are expected to slow down.

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