| Grain markets have been under further pressure today, UK feed wheat, Paris milling wheat and Chicago all broadly falling by 1.5%. November-21 UK feed wheat falling to below £170/t, matching the lows of late May as global wheat markets have again come under pressure and UK crop confidence grows. The volume of rainfall set to land in the US is still in question as forecasts struggle to make a consensus and changing forecasts continue to drive volatility. Although models are marginally drier today, forecast rain is still likely to help reverse dry soil conditions and improve crop conditions for corn and soy, with some very much-needed rainfall set to arrive in North Dakota. Weekly US export sales contained little news to excite bulls. Net weekly US wheat sales of 374Kt were reported for delivery in the marketing year 2021/2022, alongside 311Kt of corn. Weekly export figures for soybeans from last week were also fairly minimal at just 43.3Kt. However, after the recent fall in oilseed markets, fresh daily US export sales for soy to China were made today. 132Kt to China and 260Kt to unconfirmed destinations. What does this mean? Markets continue to trade the weather and the implications for yields for harvest. The key next week will be if the USDA make any substantial changes to their official planting estimates. |
