The main big data release today has been the weekly USDA export data, which made rather disappointing reading for bulls with minimal old crop export sales and both Chicago wheat and corn has been coming under pressure.
However, new crop support remains in place while winter wheat in the US continues to be a concern, with still very little rainfall forecast and hot windy conditions continuing.
Weekly net sales of 26.3Kt for 2021/2022 were a marketing-year low, down 73% from the previous week and 79% from the prior 4-week average. With wheat prices having continued to push higher, slowing export sales are a sign of demand rationing.
Weekly US net sales of 879.2Kt for 2021/2022 were down 34% from the previous week and 6% from the prior 4-week average. Exports of 1.196MT were down 23% from the previous week and 27% from the prior 4-week average.
Overall, a bit of a disappointing day for US grain export sales, with both corn and wheat coming under pressure.
Net sales of 460Kt for 2021/2022 were down 16% from the previous week and 39% from the prior 4-week average, but with such a strong old crop export campaign so far, a further 460kt is far from bearish. New crop net sales of 1.24Mt for 2022/2023 were primarily for China. Exports of 889Kt were up 10% from the previous week and 27% from the prior 4-week average. Overall, a continued strong demand for US soybeans and support for oilseeds.