U.S. corn and wheat export sales hit marketing year lows

The USDA says export sales numbers for most major commodities declined during the week ending February 18th. Corn and wheat were driven to new marketing year lows following cancellations by unknown destinations, possibly China, while soybean sales dropped also following a cancellation by an unknown destination. China also canceled on U.S. beef and while it was a net purchaser of U.S. pork, total sales were lower than average. China did push cotton sales sharply higher than the week before and soybean oil was up modestly on the week thanks to solid global vegetable oil demand. The USDA’s next set of supply and demand estimates is out March 9th.Physical shipments of soybeans were more than what’s needed to meet projections for the current marketing year. The 2020/21 marketing year started June 1st for wheat, August 1st for cotton and rice, September 1st for beans, corn, and sorghum, and October 1st for soybean products.Wheat came out at 167,700 tons (6.2 million bushels), down 58% ...