| After an initially pressured start to the day, markets have again, on the whole, continued to push higher in the run-up to Christmas. Weekly US export sales data was however lackluster, and wheat export sales and exports were down week on week. Corn sales were also disappointing, as too were soybean export sales. Yet while the focus remains on dryness in South America, it will take more than one disappointing export sales report to turn the tide. Wheat Weekly US net sales of 425Kt for 2021/2022 were down 35% from the previous week, but up 11% from the prior 4-week average. Exports of just 190.3Kt were down 31% from the previous week and 28% from the prior 4-week average. Corn Weekly net sales of 982.9Kt for 2021/2022 were down 50% from the previous week and 29% from the prior 4-week average. Exports of 1.1MT were up 1% from the previous week and 14% from the prior 4-week average and remained impressive, with the overall season combined exports and outstanding sales beyond expectations. Soy Net sales of 811.5Kt for 2021/2022 were a marketing-year low, down 38% from the previous week and 42% from the prior 4-week average. Exports of 1.8MT were down 3% from the previous week and 17% from the prior 4-week average with the majority destined for China (1.05Mt). |
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