Shipments have now been running around 5-year lows for almost a month, pulling 2026/27 exports down -35% YoY to 6.7Mt.
A firm US dollar is not helping competitiveness. Last week, Asia still provided most of the demand, with Pacific ports handling 0.25 Mt, or 82%, of total.
There may be some room for a rebound. Saudi Arabia just bought 0.68Mt of wheat, while disruption to Black Sea exports could push buyers towards alternative origins.
For now, however, US wheat is struggling to capture that demand, with European origins benefiting from a weaker euro and shorter sailing distances.
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