Importers Lose Interest in US Wheat in 22/23
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The US benefits from trade deals with many countries worldwide, such as NAFTA, USMCA, and others. Nonetheless, due to Wheat prices being too high and available supply from competitors like Russia, Argentina, or Australia, even trade partners decreased their US Wheat imports heavily. Indeed, Mexico (the largest importer of US agricultural products) decreased its Wheat imports by 3.7 Mmt YoY between Jun & Aug, so far. Similarly, imports from Japan, South Korea, and the Philippines shrank by 2.3, 1.2, & 2.6 Mmt YoY, respectively. Overall, all Top 10 US Wheat Importers’ volume decreased so far in 22/23 and by 13.7 Mmt YoY. As US Wheat exports lack pace, more of the supply may be available domestically. Therefore is the US still importing Wheat in 22/23?
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