The U.S. will export more wheat this year after a surge in sales to China, leaving smaller domestic inventories than analysts had expected.
American shipments of the soft red winter variety will rise to the biggest in a decade, reflecting ¡°several large recent export sales¡± to China, the U.S. Department of Agriculture said Friday in its key monthly report, the World Agricultural Supply and Demand Estimates.
The USDA also projected smaller-than-expected stockpiles of U.S. corn amid increased exports of the yellow grain.
Improved demand for U.S. crops has supported futures so far this month even as global reserves remain ample.
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