| Wheat Weekly US net sales of 285.8Kt for 2021/2022 were down 29% from the previous week and from the prior 4-week average in a disappointing week for US wheat exports. Total US accumulated exports and outstanding sales now sit at 13.3Mt, the smallest commitment in at least 5 seasons, with another 10Mt to go to reach the USDA projection. Corn Weekly US net sales of 1.067Mt for 2021/2022 were down 13% from the previous week and 4% from the prior 4-week average. Exports of 718Kt were down 4% from the previous week and 15% from the prior 4-week average. Total US exports and outstanding sales stand at 32MT, out of a projected 63.5Mt for 2021/22. Soy Weekly US net sales of 1.29Mt for 2021/2022 were down 31% from the previous week and 25% the prior 4-week average. Increases primarily for China (939Kt, including 583Kt switched from unknown destinations. Exports of 3.7Mt were a marketing-year high, up 40% from the previous week and 70% from the prior 4-week average. The destinations were primarily to China (2.34Mt). Total exports and outstanding sales now stand at 33.3Mt out of the projected seasonal total of 55.8Mt and inline with expected seasonal pace. Adding further bullish sentiment for corn values has been a continued climb in Chinese corn markets, you can read more about this in our weekly grain market report. Due to US holidays, Managed Money data has been delayed and will be released today at 3pm Eastern time and we will cover this data tomorrow. |
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