Prices 16/9/16
US wheat futures shrugged off the better than expected weekly sales and export numbers and pushed lower.
Corn and soybean export data in the states was about where the trade had expected it to be, mostly disappointing.
Soybean futures closed a little firmer while corn futures were flat to lower on the nearby contracts as export data was the lowest it has been since February. Soybean crush volume was also well below expectations and will continue to weigh on the complex.
Even though the wheat export data was better than expected overall the US really need to increase their export pace significantly or stocks will continue to climb. Currently they look like they need a small miracle to come close to what the USDA expect they will ship 2016-17.
Over in mother Russia the planting pace for new crop winter cereals is cracking along nicely with around 8.3mha already in the ground. This compares with 7.4mha this time last year and represents about the half way point.
ICE canola futures were lower. Bigger US / Canadian oil seed production is being countered somewhat by 6 year stock lows in Malaysian palm oil. Canola production in Europe is also the lowest it has been since 2008-9, down 2.2mt from last year to just 20mt.