Today’s main data has focused on the release of weekly US export data, while the Russian – Ukraine tensions continue to provide uncertain outlooks and contribute toward volatility, particularly in crude oil.

Export Data:

Wheat

US weekly net wheat sales have continued to be minimal at 118Kt, although up 39% from last week, are sill down 61% from the previous four-week average.
However, it has been a strong week for US exports, with wheat exports reaching 411.6Mt, up 9% above the previous four-week average.

Central US states continue to look dry on near-term forecasts, this will continue to be a factor to watch over the coming months, alongside crop conditions.

Corn

Weekly US corn export sales were up on the week, at 820Kt, up 39% week on week, however still down 23% on the previous four weeks. After multiple reports of potential Chinese corn sales, these have failed to materialise, with Japan accounting for 600Kt.

Exports however were more encouraging at 1.6Mt, a marketing-year high, with 477Kt to Mexico and 414Kt to China.
Overall, not the most exciting week of corn sales, given the multiple social media ‘reports’ for potential large sales.

Soybeans

While grain export sales were not big headline numbers, soybeans have continued to receive support. At 1.36Mt, although weekly sales were down 15% from last week, were still up 26% from the previous four weeks, and at this rate rapidly approaching full season targets.

Exports of 1.2Mt, again down on recent averages were still encouraging, with 575Kt to China.