| Weather forecasts for the US have trimmed rainfall forecasts for North and South Dakota, although plenty of rainfall remains on 7-day outlooks for the bulk of the corn belt. Although the GFS forecast has reduced the volume of rainfall, the European model remains more optimistic. Weekly USDA export sales data has been the major new publication of the day. Wheat Net sales of 308.3Kt for 2021/2022 were down 40% from the previous week and 28% from the prior 4-week average while exports of 387.2Kt were up 12% from the previous week, but down 1% from the prior 4-week average. Overall US wheat exports are in line with previous years, but considering the spring wheat crop loss for the US and Canada is off to a fast pace. Corn Old crop US corn sales were very minimal this week, with export sales to Mexico while China canceled 112.5Kt. Exports of 1.42Mt were up 4% from the previous week and 20% from the prior 4-week average, mainly to China. For 2021/2022, net sales of 830.2Kt primarily for Mexico, but at this point prior to harvest are well ahead of previous years. Soy US soy exports continue to disappoint. Net sales of just 11.4Kt for 2020/2021 were down noticeably from the previous week and down 33% from the prior 4-week average. For 2021/2022, net sales of 424.8Kt were more encouraging but the pace still lags behind previous seasons. |
