Today has continued to record support for wheat and corn in the US, EU and new crop UK markets.
Confirmation of additional US-China export sales of corn lent support for Chicago corn markets today with an additional 1.088Mt, split 476Kt for 2021/22, and 612kt for 2022/23.
Other supportive factors for corn have been a slight pick up in US ethanol output from last week’s low.
Weather in the US for winter wheat continues to be a concern. Meanwhile in Brazil, and Mato Grosso remains a concern with very little rainfall in April, potentially the lowest rainfall in 17 years.
In big data today, US Export Sales were also supportive for corn and old crop US soybeans.
US wheat export sales have continued to disappoint at just 32.3Kt for 2021/22, although up 23% from last week are still down 65% on the previous four-week average. Exports were also poor at just 246Kt, down 51% from last week and 35% below the four-week average.
US corn export sales 866.8Kt for 2021/22 were almost equal to last week, with 729Kt of additional sales for China alongside 843.4Kt of new crop sales (612Kt for China). Exports at 1.562Mt also remained strong, in line with the previous four weeks.
Soybean export sales of 481.3Kt for 2021/22 were up 5% from last week, but are slowing, down 37% below the last four-week average. Net sales of 580Kt for 2022/23 were reported (468Kt for China), and new crop sales continue at a record pre-harvest level. Exports of 710.9Kt slowed, down 10% from average.