Reversing the recent bearish drifting oil and commodity market, crude oil has once again bounced higher, up over 8% today, giving support again to grain and oilseed markets. Gains in oil markets today being attributed to supply shortage concerns, but with war continuing in Ukraine and building covid cases in China, this level of volatility is likely to persist as both supply and demand for energy and commodities in general are questioned.

Large data releases today have mainly been US export data.

Wheat

Weekly US net export sales of just 145.9Kt for 2021/2022 were down 53% from the previous week and from the prior 4-week average. Exports of 249.5Kt were down 35% from the previous week and 42 percent from the prior 4-week average.

Corn

Weekly US net export sales of 1.836Mt for 2021/2022 were down 14% from the previous week, but up 64% from the prior 4-week average, and have continued at a pace likely to exceed even the upwardly revised March WASDE estimates. Exports of 1.273Mt were down 28% from the previous week and 25% from the prior 4-week average.

Soy

Net sales of 1.253Mt for 2021/2022 were down 43% from the previous week and 11% from the prior 4-week average. Net sales of 477Kt for 2022/2023 were reported for China (406,000 MT), with a drought impacted South American crop, new crop pre-harvest US export sales are likely to be impressive.