Making headlines today are rising temperatures in Russia, causing some concerns for spring crops, with temperatures expected to reach into the 30’s. Read about yesterday’s optimistic 85MT USDA forecast for Russian wheat production and the headline points from the WASDE on GrainTab. |
Why does this matter? Russia is a key global wheat producer accounting for 20% of all global wheat exports. To put it into perspective, 1 in every 10 grains of wheat produced on earth come from Russia. |
Latest Trade Data
Wheat
Weekly US net sales of just 30.3KT 2020/2021 were down noticeably from the previous week and down 61% from the prior 4-week average, slowing old crop demand and awaiting cheaper new crop prices?
Corn
Weekly US net sales showed reductions of 113.4KT for 2020/2021, a marketing year low and a sign of old crop demand being pushed toward next season. For 2021/2022, net sales of 2MT were primarily for China at 1.36MT, following this week’s WASDE and estimates for Chinese demand continuing.
Soybeans
Following the broad sell off in agricultural commodities today Chicago soybeans have also been in the red. Good planting progress, relatively good weather and a slightly bearish WASDE contributing toward the market downturn.
Weekly US net sales of just 94.3KT for 2020/2021 were down 43% from the previous week and 38% from the prior 4-week average, but with very tight US stocks this is needed, rather than a bearish new story.
