Record U.S. Wheat Exports to Sub-Saharan Africa: Reduced competition from the EU-25 and Black Sea suppliers helped U.S. wheat exports to Sub-Saharan Africa surge in Marketing Year (MY) 2003/04. Exports to Nigeria climbed to a new high, with the United States capturing over 90 percent of this market compared to 75 percent last year.
South Africa emerged as an important market, importing almost half a million tons of U.S. wheat, the largest amount in nearly a decade. Additionally, many other small importers purchased larger quantities of U.S. wheat. Food aid shipments, primarily to Ethiopia, also expanded this year.
Domestic: Hot dry weather and rumors of purchases by China helped prices to peak during the first week May. However, as the start of the winter wheat harvest gained momentum, prices took a downward slide during the second week. For the rest of May, prices mildly recovered due to continued hot dry weather and expected low harvest yields, but downward pressure from a rapidly progressing early harvest and improving weather in spring wheat regions thwarted the chance of a full recovery back to early May prices.
For the week ending June 4, average HRW and SRW prices were $14 a ton and $18 a ton lower, respectively, than those in the first week of May. HRS prices lost $5 a ton while SWW ended the month with a loss of $6 a ton.
TRADE CHANGES IN 2004/2005
TRADE CHANGES IN 2003/2004
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