US wheat net export sales totaled 284,370 mt in the week ended July 4, up 3% week on week, led by large volume booking from the Philippines, latest data from the US Department of Agriculture showed.
The latest weekly sales came within market expectations, as analysts had estimated sales to be in the range of 250,000-550,000 mt.
Physical wheat exports -- those which have been shipped from the US -- totaled 659,150 mt in the latest week, according to the USDA report released Thursday. The Philippines recorded the largest shipment volume for the week at 164,200 mt.
Year to date, US wheat exports have totaled 2.6 million mt, 48.6% higher than a year earlier. US wheat's new marketing year began June 1.
Total commitments -- cumulative exports plus outstanding sales -- rose 22.5% on week to 7.5 million mt in the week ended July 4.
The USDA also raised Thursday its wheat exports estimate for 2019-20 to 25.9 million mt from the previous outlook of 24.5 million mt.
However, year-to-date wheat sales are almost flat with the seasonal pace needed to reach the USDA's annual export target, according to financial services firm INTL FCStone.
The US is expected to slip below the EU to become the world's third-largest wheat exporter in the 2019-20 marketing year, according to the USDA.
PHILIPPINES STAYS AHEAD
The Philippines has been booking the largest volume of US wheat since the past two weeks to stay ahead of Mexico, which emerged as the largest buyer of US wheat in recent years.
Net export sales to the Philippines were at 123,700 mt for the week ended July 4, followed by Mexico at 65,200 mt.
In 2018-19, wheat net export sales to Mexico reached 3.3 million mt, while sales to the Philippines were at 3.2 million mt, according to data from the US Wheat Associates that looks into developing and expanding global markets for US wheat producers.
The Southeast Asian country doesn't grow any wheat. Wheat demand from the Philippines is expected to increase in 2019-20, on the back of a growing economy and consumer diet shifting towards wheat-based food, the USDA said earlier in March.
The Philippines remained the largest buyer of US soft wheat and Hard Red Spring wheat.
