Mexico speeds decline of U.S. as global wheat supplier
CHICAGO/MEXICO CITY (Reuters) - Mexican bread, pasta and flour-tortilla makers are seeking alternative suppliers of wheat to reduce their dependence on the United States as trade relations between the two neighbors deteriorate. Mexico, the top importer of U.S. wheat, is increasingly turning to cheaper supplies from Russia, which surpassed the United States as the top global wheat supplier in 2016.
Now the U.S. market share decline is accelerating as Mexico casts about for more alternative suppliers in Latin America and elsewhere ... “It’s important to send signals to Mr. Trump,” said Jose Luis Fuente, head of Canimolt, a Mexican trade group which represents 80 percent of Mexican millers.
U.S. wheat exports to Mexico dropped 38 percent in value, to $285 million, in the first five months of 2018. U.S. wheat exports to all countries, valued at $2.2 billion, dropped 21 percent.
Mexican buyers plan to import as much as 100,000 tonnes from Argentina - worth about $20 million based on current prices - when it harvests wheat later this year...
also Mexico (is) raising its corn imports from Brazil, at the expense of sales from the United States. Mexico imported 10 times more corn from Brazil in 2017 than the previous year, and is on course to buy more this year.
https://www.reuters.com/article/us-usa-wheat-mexico-insight/trade-spat-with-mexico-speeds-u-s-decline-as-global-wheat-supplier-idUSKBN1KG1F0
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