February 24, 2012
According to the U.S. Department of Agriculture's weekly Export Sales Report, total known outstanding sales and accumulated exports of all classes of wheat for the 2011/12 marketing year, through February 16, 2012 were 23.5 million metric tons (MMT), 23 percent lower than last year's year-to-date total of 30.7 MMT.
Net sales of 701,600 MT were up 67 percent from the previous week and 25 percent from the prior 4-week average, and within trade estimates of 500,000 to 900,000 MT. Increases were primarily for Egypt (189,000 SRW), China (112,800 HRS), South Korea (9,300 HRW, 9,000 HRS, 747 SRW, 58,168 white), Japan (14,562 HRW, 54,258 HRS, 4,434 white), and the Philippines (56,000 HRS, 13,190 white).
USDA forecasts 2011/12 U.S. wheat exports (including donations) to reach 26.5 MMT. Commitments to date (of wheat and wheat products) are 89 percent of total projected exports, down from the five-year average of 92 percent of exports committed by this date.
(See attached file: CS 120224.pdf) (See attached file: CS 120224.xls)