Good morning,
Wheat export sales of 109 TMT were below the weekly pace needed to meet the USDA export expectations. Current commitments of 22,917 TMT are 92% of the USDA export expectation. Sales need to average 282 TMT per week. HRW sales this week of 41.2 TMT were below the 5 year average of 114.8 TMT for this time of year. Total Commitments of HRW are right in line with a 5 year average. HRS commitments continue to lag the 5 year average which is expected but are the second lowest total in the last 5 years just ahead of the 12/13 crop year.
Soybean Meal net sales of 414.3 TMT were almost double the 5 year average for this time of year and the 3rd largest sale of the marketing year. Sales around this week tend to only average around 168 TMT and Total commitments for the marketing year have taken a noticeable turn higher on the chart below.
Have a good day,
Jason