|While weekly US export sales for grains have been supportive for corn and soybeans, markets have been in a reversal today having pushed higher for most of the week.
Weekly US wheat sales have been disappointing, with net sales of just 362Kt for 2021/2022, down 36% from the previous week and 6% from the prior 4-week average. Exports of 160Kt were down 65% from the previous week and 66% from the prior 4-week average. Overall, combined accumulated exports and outstanding sales have fallen to the lowest level in at least five seasons.
While wheat sales were minimal, corn sales have been more impressive. Weekly net sales of 1,273Mt for 2021/2022 were up 22% from the previous week and 67% from the prior 4-week average. Exports of just over 1Mt were up 14% from the previous week and 36% from the prior 4-week average. Combined exports and commitments are the largest on record for this point in the season – mainly due to the Chinese commitments made last May, with just under 12Mt of outstanding sales.
For soybeans, like with wheat, net sales of 2.88Mt for 2021/2022 were up noticeably from the previous week and from the prior 4-week average. Increases were primarily for China, with 1.88Mt of sales, including 526Kt switched from unknown destinations.