| After yesterdays push higher in US corn markets, corn has again continued the upward market momentum, also lending support to wheat markets. The morning’s strong gains were however dampened following the weekly US export sales data. While grain markets have gained, oilseeds have been under pressure as crude oil has fallen away from the highs, weighing on vegetable oil and therefore soybeans and rapeseed values. Weekly US wheat net export sales of 269Kt were down 26% from last week and 31% from the four-week average. Combined US exports and outstanding commitments stand at the lowest level since at least 2016/17, but given the small US and Canadian stocks, this comes as little surprise. Weekly corn net sales of 890Kt were down 30% on last week, and export sales at 688.5Kt were also down. Combined exports and commitments remain at record levels, but the pace of exports and commitments has slowed and cooled markets this afternoon. Amid pressure from a crude oil market reversal, US weekly soybean export sales also disappointed. Net sales of 1.184Mt were down 59% from last week, and 22% below the four-week average, although China still purchased over 1Mt. Exports at 2.4Mt were however encouraging, up 9% from last week and 81% above the four-week average, again mostly to China. |
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