| In a sign of a market brushing aside the initial rapid new covid19 variant fear, markets have been in the green today, extending to agricultural markets in a sign of buyers taking advantage of a dip in markets or sellers holding off. However, while markets have been recovering, the weekly USDA export data was far from supportive. Wheat Weekly net sales of just 79.9Kt for 2021/2022 were a marketing-year low, down 86% from the previous week and 80% from the prior 4-week average. Exports of 371.4Kt were up 87% from the previous week and 66% from the prior 4-week average. Overall, the US export pace has been slowing now for some time. Corn Weekly net sales of 1.02MT for 2021/2022 were down 29% from the previous week and 12% from the prior 4-week average. Exports of 938.4Kt were up 1% from the previous week and 5% from the prior 4-week average. Soy Weekly net sales of 1.06Mt for 2021/2022 were down 32% from the previous week and 29% from the prior 4-week average. Exports of 2.33Mt were up 3% from the previous week, but down 14% from the prior 4-week average. |
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