| After yesterday’s WASDE, markets have drifted lower. The on paper eased US corn supply from increased area and production estimates adding to the pressure, alongside rainfall on forecasts for Argentina, however southern Brazil continues to look dry over the next week. South American weather-related market drivers are far from over. Today’s big data consisted mainly of weekly USDA export sales. Wheat Net sales of 264.4Kt for 2021/2022 were up noticeably from the previous week, but down 20% from the prior 4-week average. Corn Net sales of 457.7Kt for 2021/2022 were up 79% from the previous week, but down 59% from the prior 4-week average. Exports of 1.012MT were up 3% from the previous week, but down 1% from the prior 4-week average. Soybeans Net sales of 735.6Kt for 2021/2022 were up 92% from the previous week, but down 1% from the prior 4-week average. Exports of 1,02Mt were down 42% from the previous week and 43% from the prior 4-week average. |
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