| Global grain markets continued in the bearish overall trend today, with corn falling to c$560/bbl, pressuring wheat markets in the US, Europe and UK. Brent crude also continued to fall, falling below $81.5/bbl Weekly US export data was broadly supportive of corn and wheat, although unable to reverse the declining trend. Wheat Weekly net sales of 400Kt for 2021/2022 were up 49% from the previous week and 4% from the prior 4-week average. Corn Weekly net sales of 1.2MT for 2021/2022 were up 37% from the previous week and 10% from the prior 4-week average. Exports of 748KT were up 9% from the previous week, but down 17% from the prior 4-week average. Soybeans Weekly net sales of 1.86MT for 2021/2022 were up 58% from the previous week and 19% the prior 4-week average, increases primarily for China at 1.21MT. Exports of 2.65MT were up 10% from the previous week and 46% from the prior 4-week average. While the planting of Russian winter crops has caught up, and concerns are reducing, interference in markets continues, it has been reported that the government will limit nitrogen fertilizer exports to 5.9MT and shipments of complex fertilizers containing nitrogen to 5.3MT, with the measures commencing at the start of December. |
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