China has purchased an unusually large volume of U.S. wheat for the first time in over two years.
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The U.S. Department of Agriculture (USDA) reported a deal for 220,000 metric tons of U.S. soft red winter wheat for shipment to China in -24, the U.S. marketing year that began June 1. That was the first daily sale of U.S. wheat to any destination since November, Reuters reported.
Large U.S. wheat purchases by China have been rare. The last occurrence was in July , also soft red winter wheat.
Despite shrinking U.S. wheat exports, China has recently played a heavier role in that trade, accounting for 7% of U.S. wheat shipments in -23 as the No. 4 destination.
China's number one wheat supplier is Australia. Weakness in U.S. wheat prices has recently made U.S. wheat competitive on-and-off against rival exporters, though abundant supplies in Russia have kept pressure on the global market.
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Russia is expected to export 47.2 million metric tons of wheat this season, which started in the summer, according to data from S&P Global. This will amount to 22.5% of global wheat exports, a market-leading share. Two years ago, Russia exported 32.6 million tons, 16% of the market.
CHICAGO, ILLINOIS, US &#; China has booked 440,000 tonnes of US wheat, its largest purchase of the grain from the United States since at least as it looks to supplement its rain-damaged domestic crop, Reuters reported, citing the US Department of Agriculture (USDA).
The sales announced on Dec. 4 provided a boost for US wheat exports, which the USDA has projected will fall to a 52-year low of 19 million tonnes in the -24 marketing year that began June 1. As of Nov. 23, US export sales were 12.7 million tonnes, 6% behind last year&#;s pace.
China&#;s wheat crop suffered quality issues after heavy rain hit key growing areas just ahead of the harvest, analysts said, and it is importing milling wheat to blend with domestic supplies. China, the world&#;s biggest wheat producer and consumer, also has been buying Australian and French wheat.
The sales are the latest in a series of Chinese purchases of US soft red winter (SRW) wheat that began Oct. 3, when the USDA confirmed sales of 220,000 tonnes to China, followed by 181,000 tonnes announced on Oct. 13 and another 110,000 tonnes on Nov. 22.
The most recent activity would bring China&#;s total US wheat purchases for the current season to more than 1 million tonnes, the bulk of which is for SRW wheat.
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