International Wheat Market Update

04-Apr-2025 08:17 AM

International Wheat Market Update
Tariffs and Trade Policy: In President Trump's tariff announcement on Wednesday, Mexico and Canada were excluded from the list, and all USMCA (U.S.-Mexico-Canada Agreement) compliant goods remain exempt.
However, reciprocal tariffs have been imposed as follows:
Japan: 24%
South Korea: 25%
Philippines: 17%
These tariffs will take effect from April 9.
USDA Export Sales Report (Week Ending March 27):
U.S. Wheat Sales:
Totaled 339,986 metric tons (MT) – above trade estimates, which ranged from a net reduction of 100,000 MT to net sales of 300,000 MT.
This was the highest in three weeks and higher than the same period last year.
Top Buyers:
Ecuador: 71,900 MT
Japan: 59,300 MT
New Crop Sales:
Registered at 95,242 MT, within expectations (0 to 200,000 MT).
Export Volumes (U.S. Census Data):
February Wheat Exports:
Totaled 1.765 million metric tons (MMT) or 64.85 million bushels,
34.37% higher than January
4.47% lower than the same month last year
Cumulative Marketing Year Exports (First Three Quarters):
584 million bushels (including wheat products: 598 million bushels)