U.S. 2018/19 wheat exports had a slow start to the season, with cumulative shipments through Oct. 4 totaling 7.0 million metric tons (MMT) down 25 percent from last 2017/18 to date. However, exports are expected to pick up. Weather in Russia during the planting season was less than ideal, and Russia’s total crop is projected at only 70.0 MMT compared to 85.0 MMT the year before. The market has speculated Russia may impose an export ban, as the Russian government secures domestic supply; however, the government has denied it will implement any restrictions. USDA projects 2018/19 U.S. wheat exports at 27.9 MMT compared to 24.5 MMT in 2017/18.
U.S. wheat exports