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Jul 09, 2021

Markets Mixed Heading into Weekend

Weekly Export Sales for week ending July 1 were overall light

Weekly Export Sales for the Week Ending July 1

  • Wheat sales came in at just under 11 million bushels and were up from the previous week at 8 million; sales favored HRS.

  • Old- + new-crop corn sales came in at 14.6 million bushels and were up notably from the previous week; weekly exports totaled 51 million bushels.

  • Old- + new-crop soybean sales were light at 6.7 million bushels and were down significantly from the previous reporting week.

  • Soybean sales were solid with old crop at 211,800 tonnes and new crop at 55,800 tonnes.

  • Upland cotton sales were light at 52,000 bales but were above last week’s total. New-crop sales were solid at 177,000 bales.

  • There were no sorghum sales on the books.

  • China for the week had fresh sales for wheat, soybeans, and cotton.

FBN’s Take On What It Means: Export sales were overall light; wheat sales largely have been disappointing but this was expected. With larger crops in the EU and Ukraine plus a massive crop expected for Russia, the US will have difficulty gaining export sales for HRW. Rumors are that China is sourcing new-crop feed grains from other countries, which underscores its strong demand. Cuts to Brazil’s second corn crop also are a plus for potential export business for the US.


Reuters Poll for EU+UK Wheat Production

  • A Reuters poll showed the trade looks for the EU crop to be around 130 million tonnes, or up 11% versus a year ago.

  • The UK crop could be up 50% versus last year.

  • Soft wheat production for the EU + UK is seen at 145 million tonnes versus 127 million tonnes last year.

  • That is higher than USDA’s JUne forecast for all wheat at 137.5 million tonnes.

  • While production totals are expected to be higher, quality concerns are starting to appear.

  • Wet weather has delayed harvest in France, the EU’s top producer, with harvest generally expected to be a bit later than usual for the EU.

FBN’s Take On What It Means: The larger crop from the EU is not a surprise and will keep competition strong on the export front. China again has been buying French soft wheat for feeding which is a sign that the country still is in need of sourcing feed grains.

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Kevin McNew

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Marketwatch: Dec, 04

cmdty National Corn Price Idx: ZCPAUS.CM

open: 5.6684
high: 5.7321
low: 5.6559
close: 5.7046

cmdty National Soybean Price Idx: ZSPAUS.CM

open: 12.266
high: 12.366
low: 12.2585
close: 12.34

cmdty National Hard Red Winter Wheat Price Idx: KEPAUS.CM

open: 8.1277
high: 8.243
low: 7.9921
close: 8.0144

cmdty National Soft Red Winter Wheat Price Idx: ZWPAUS.CM

open: 7.6225
high: 7.7249
low: 7.4749
close: 7.5391