Wheat Outlook, May 2018 (summary)
Russia 2017/18 export projection is raised 1 million tons to 39.5 million, while U.S exports are trimmed
With the pace of sales slowing in recent weeks, U.S. exports for 2017/18 are trimmed 15 million bushels to 910 million. The cut comes as data on shipments of Russian wheat exports reveal a continued surge through March and into April. This pace exceeds the already high expectations for Russian exports for the 2017/18 marketing year. Raised 1 million metric tons this month to 39.5 million, Russian exports are forecast to set a new volume sales record and to firmly establish the country’s position as the world’s top wheat exporter. Into 2018/19, Russian exports are projected to decline to 36.5 million metric tons, though the nation’s status as the globe’s top exporting nation
remains intact. While U.S. volume exports are slightly up in 2018/19, the European Union is projected to export more wheat, second only to Russia.