Today the USDA released their weekly export data, which contained impressive weekly sales of wheat, but as suspected, minimal corn and soybean exports.
Net sales of 617.1KT for 2021/2022 were a marketing-year high, up 59% from the previous week and up noticeably from the prior 4-week average with the majority of sales for Nigeria 328.9Kt.
Weekly net sales for 2021/2022 of just 246.6Kt were primarily for Mexico, while exports of just 192Kt were recorded, a disappointing week of sales and exports for US corn, pausing the recent bullish surge in markets.
Net sales for 2021/2022 of 1.26MT were primarily for China (945Kt) while minimal exports of 244.4Kt were primarily to China (139.8Kt).
Russia has also been making headlines and supporting wheat, harvest has now reached 24.5Mt, with 70.8Mt harvested. The Russian agriculture consultancy IKAR cut its forecast for Russia’s 2021 wheat crop to 74-75Mt.