US: Wheat sales surprisingly strong

Published 2022년 7월 14일

Tridge summary

The article provides an overview of the recent USDA export sales report for the week ending July 7, 2022. It highlights the varied performance of different agricultural commodities in the market. While wheat sales were bullish, leading to a increase in prices, old crop corn and soybean sales fell significantly below the average, with corn reaching 72% below and soybeans showing net reductions. Wheat export sales were robust, surpassing trade expectations. In contrast, sorghum and soybean export shipments were lower than the previous average. Despite some fluctuations, the cumulative totals for the 2021/22 marketing year remain slightly behind last year’s pace for corn, soybeans, and wheat, while sorghum is slightly ahead.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The latest batch of export sales from USDA offered good, bad and ugly data for traders to digest. Wheat sales were the most bullish - a welcome bit of news that turned prices back into the green on Thursday morning. But old crop corn sales faded 72% below the prior four-week average, and old crop soybean sales notched a new marketing-year after posting net reductions last week. Old crop corn sales only reached 2.3 million bushels for the week ending July 7. New crop sales added another 13.7 million bushels, for a total of 16.0 million bushels. That was near the middle of analyst estimates, which ranged between zero and 27.6 million bushels. Cumulative totals for the 2021/22 marketing year are still moderately below the prior year’s pace, with 2.103 billion bushels. Corn export shipments shifted 24% below the prior four-week average, with 36.1 million bushels. China, Japan, Mexico, Morocco and Canada were the top five destinations. Sorghum export sales saw net reductions of around ...

Source: Prairie Grain Partners