| Due to the US Thanksgiving holiday, the weekly Commitment of Traders report will be released later this evening and we will cover this data tomorrow. However, in the context of what has been a rapid and fast-moving global commodity market ‘risk off’ approach toward the new covid variant, the focus this week will be the perceived economic implication of potential travel and lockdown disruption. However, while agricultural markets have been under pressure today, crude oil has been recovering following the rapid fall on Friday. US export data also got delayed last week, with encouraging sales, particularly for corn. Wheat – Net sales of 567.5Kt for 2021/2022 were up 42% from the previous week and 70% from the prior 4-week average. However, exports of 199.2KT were down 36% from the previous week and 10% from the prior 4-week average. Corn – Net sales of 1.43MT for 2021/2022 were a marketing-year high, up 58% from the previous week and 40% from the prior 4-week average. Adding to the bullish export data was a sale of corn to China, although relatively small at 77.5Kt. Exports of 929KT were down 20% from the previous week, but up 12% from the prior 4-week average. Soy – Net sales of 1.56MT for 2021/2022 were up 13% from the previous week and from the prior 4-week average. Exports of 2.25MT were down 4% from the previous week and 18% from the prior 4-week average, primarily to China (1.4MT) |
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