Market Outlook

Wheat Outlook, November 2017 (summary)

Global Wheat Exports Raised on Expanded Russian, U.S. Sales

Global wheat exports are raised 250,000 metric tons this month to 182.2 million on
strengthening Russian sales and improving U.S. prospects, more than offsetting cuts
for Australia and Brazil. Russian exports are raised 500,000 tons to 33.0 million due
to the robust early pace of trade. State-owned Russian Railways has introduced a rail tariff discount to encourage additional grain shipments. A substantial sale of U.S.
wheat to Iraq, the first since the 2011/12 marketing year, helps to lift U.S. exports by 500,000 tons to 26.5 million tons on a trade-year basis and 25 million bushels to
1,000 million on a marketing-year basis. The full increase in U.S. exports is
attributed to sales of hard red winter wheat. While higher month-to-month, the pace
of sales to date lags slightly behind 2016/17, when exports reached more than 1,055 million bushels (fig. 1).

See the November Wheat Outlook report and previous reports.