'Manna From Heaven' for U.S. Wheat Exporters

NEWARK, N.J., Aug. 19 /PRNewswire/ -- PIERS, the standard in trade intelligence, reveals a steady increase in wheat exports this year, and expects the trend to continue. With a U.S. trade deficit that has widened significantly, Russia's temporary ban on wheat exports is likely to bode well for the U.S.  

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According to PIERS, year-to-date January through June U.S. ocean exports of wheat and maslin grew 11 percent, following an 11.2 percent decrease of the same grain commodities during the 2009/2010 trade season (July 2009 – June 2010). This news, on the heels of a century-in the making drought situation in Russia, is a positive signal for U.S. Grain exporters.

U.S. Ocean export of wheat and maslin came in at more than 21.8 million metric tons (MT) during the 2009/2010 trade season.  Top markets receiving U.S. wheat products include Japan, Nigeria, the Philippines, Mexico and South Korea, with Nigeria increasing 25.5 percent and Japan 18.7 percent over the previous trade season. But a shift is likely to occur. Two Middle East countries adversely effected by Russia's August 15th ban - Egypt and Yemen - may look to the U.S. to compensate.  

PIERS data reveals that during the 2009/2010 trade year, the U.S. exported 308K MT to Egypt and 365K MT to Yemen.  This is a steep decline from the 2008 -2009 trade season.  Mario Moreno, PIERS Economist says, "It is interesting to note that Egypt was the second top importer of U.S. wheat during the 2007 – 2008 season but last year, the country barely made it to the top 20."  

According to Moreno, "At a time when the U.S. trade deficit widened to an almost two year high last June, the drought in Russia feels like 'manna from heaven' for many U.S. exporters."    

About PIERS - PIERS is the global import and export information service that provides powerful tools and data for measuring markets, analyzing competition and uncovering opportunities.  Launched more than 35 years ago, PIERS was the first venture in digital trade intelligence and quickly became the industry standard for accuracy, reliability and insight.  Thousands of public and private businesses, trade associations and governments around the world rely on PIERS to guide their global business strategies.  For more information, visit www.piers.com or call 800-952-3839. 

About UBM Global Trade - UBM Global Trade is the leading provider of proprietary data, news, business intelligence and analytical content supporting commercial maritime, rail, trucking, warehousing and logistics industries worldwide. The company's portfolio of more than 100 online, print and interactive workflow business solutions includes The Journal of Commerce, Breakbulk, RailResource, PIERS and an array of international trade and transportation databases and directories. UBM Global Trade, a subsidiary of United Business Media Limited, is headquartered in Newark, NJ, with offices throughout the United States. For more information, explore www.ubmglobaltrade.com or call 800-223-0243 (+1-973-848-7250 outside the U.S. or Canada).

SOURCE PIERS