Source: USDA news release

The August 2023 Wheat Outlook analyzes the 2022/23 and 2023/24 WASDE as well as supply and demand changes linked to new data from the U.S. Bureau of the Census and USDA, National Agricultural Statistics Service.

U.S. all-wheat exports are lowered 25 million bushels to 700 million bushels, the lowest since 1971/72 (figure 1). Despite an increase in Hard Red Winter (HRW) production, exports for HRW are cut 25 million bushels to 165 million, the lowest level since by-class supply and utilization records began in 1973/74. U.S. exports of HRW remain uncompetitive on the global market as shown in shipment and sales data. HRW exports in June 2023 were 10 million bushels, down from 19.2 million bushels in June 2022. Using data from the USDA, Foreign Agricultural Service’s Export Sales Reporting, all-wheat U.S. total commitments (the sum of accumulated exports and outstanding sales) are about 6.4 million metric tons as of August 3, down 26 percent from the same point last year and 37 percent below the recent 10-year average at this point (2013/14–2022/23). HRW total commitments are down 53 percent compared with last year as shipments from Russia and the European Union remain competitive internationally.

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