|Wheat once again saw most of the action today with ongoing strong importer demand and tight stock continuing to support prices, data released by the IGC today confirmed tighter stock and reduced supplies.|
Russian government intervention in wheat exports continues to underpin wheat prices amidst tight global supplies and robust demand from importers, unwilling to take any big risks with so much global uncertainty.
Today saw the release of US export data reported for the period November 5th to November 11th.
For wheat, net export sales of 399,100 metric tons for 21/22 vs trade estimates of 250-500KT, up by 40% from the previous week and 21% from the prior 4-week average. Key buyers included Nigeria (84,200 metric tons), Vietnam (66,000 metric tons) and Japan purchasing 62,500 metric tons.
For corn, net sales were 904,600 metric tons for 21/22, down 15% from the previous week and 19% from the prior 4-week average. Sales can largely be attributed to increases from Canada, purchasing 230,000 metric tons, Mexico purchasing 210,000 metric tons and Japan purchasing 201,600 metric tons.
Soybeans, net sales of 1,382,700 metric tons for 21/22, up 13% from the previous week but down 20% from the prior 4-week average. The largest increase came from China, purchasing 727,500 metric tons. China were responsible for the lion’s share of US soy exports, with 1,657,200 metric tons.
China’s recent large purchases in the US soybean market comes following last week’s USDA data release, which lowered global production due to poor US and Argentine yields.