| Today’s main headlines have been the USDA weekly export sales, mildly supportive for grains, alongside supportive wheat headlines, while soybean exports disappoint. Wheat US weekly net sales of 333Kt for 2021/2022 were up 15% from the previous week, but down 19% from the prior 4-week average. Exports of 543.4Kt were up 47% from the previous week and 22% from the prior 4-week average. Supportive headlines for wheat have come from Ukraine’s ag ministry downgrading production estimates to 31.6Mt, down from 32MT. Russian winter sowing also continues to provide supportive headlines, with planting having reached 12.6Mha, still down from the 14.3Mha last year. Corn Weekly net sales of 1.265Mt for 2021/2022 were primarily for Mexico (801Kt), with China remaining absent. Exports of 975KT were primarily to Mexico (349Kt) and China (212Kt), a sign that the US export pace is recovering. Soybeans Weekly net sales of just over 1MT for 2021/2022 were primarily for China (671Kt). While exports of 940Kt were also primarily to China, however, with accumulated exports so far this season at just over 2Mt, this is well behind the 6.57Mt exported by the same time last season. |
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