International wheat market update:

31-Jan-2025 08:14 AM

International wheat market update:
President Trump announced a 25% tariff on Mexico and Canada starting Saturday. No official retaliatory measures have been announced by these countries yet. In 2024, Mexico accounted for 16.56% of U.S. wheat exports.
This morning, the USDA released export sales data, reporting 456,086 metric tons of wheat sold for the week ending January 23. This was significantly higher than the previous week and 41.41% more than the same week last year. It was at the high end of the expected range (150,000 to 500,000 metric tons) for 2024/25 wheat sales. The Philippines was the largest buyer, purchasing 86,200 metric tons, while 85,300 metric tons were sold to unknown destinations. Additionally, 24,204 metric tons of wheat were sold for 2025/26, mostly between Peru and El Salvador.
Japan bought 89,134 metric tons of wheat from the U.S. and Canada, including 29,070 metric tons specifically from the U.S. SovEcon has revised its 2024/25 Russian wheat export estimate to 42.8 million metric tons, down by 0.9 million metric tons from previous projections.