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.