US wheat inspected for exports in the week-ended May 2 fell 25.9% on week to 477,918 mt, data from the US Department of Agriculture showed Monday.
Market analysts had estimated wheat export inspections for the week to be in the range of 396,400-792,800 mt.
With the current marketing season ending on May 31, the weekly volumes required to meet the USDA export forecast increased sharply to about 960,700 mt, according to analysts.
USDA estimates US wheat exports in the current marketing year to reach 25.7 million mt, a figure that has been revised down in the past two months.
As of May 2, the marketing year-to-date export inspections totaled 21.9 million mt, down 1.6% from the year ago period, USDA data showed.
The top export destinations for the week-ended May 2 were Japan at 103,120 mt, Sri Lanka at 66,350 mt and South Korea at 51,772 mt.
US wheat inspected for export shows quantity sold and inspected during loading onto export vessels. Traders consider the pace needed to meet the USDA forecast as a barometer of demand.
Source :- Hellenicshippingnews.com