SRWW futures at Chicago remain overbought and as so are likely to come under continued technical pressure in the short term.
Last night’s session was a good example of that. The USDA released an exceptionally good weekly export sales number of 868,600 tonnes for the week up to December 12th. This smashed most weekly sales totals made by the US for quite some time. Prior to the release of the report the trade had estimated sales at a maximum 600kt. The fact the SRW futures market at Chicago finished lower shows the technical traders and fund managers have a firm grip on the product at present.
Mexico and Asian consumers remain the biggest buyers of US wheat at present.
US weekly corn sales were not that small either at 1.7mt. Once again Mexico was the biggest buyer at 1.152mt. Soybeans were high at 1.43mt with China on the paper for 689kt. Interesting to see 83.7kt of US sorghum was sold to China as well.

Just weeks after World Grain .com predicted Iranian wheat imports at just 300kt Reuters has come out with a story claiming Iran have bought up to 1mt of wheat in recent weeks. Iranian officials had continued to suggest that Iran would be self-sufficient in wheat yet again this year but the Reuters report contradicts that statement. Supply agreements are said to have come mostly from Russia and Kazakhstan but there is also talk of up to 100kt of German wheat being ordered. The biggest issue continues to be the trade sanctions and the ability to fund wheat purchases.