US export volume for wheat and corn was up a little last week with both wheat and corn beating the previous week’s volume. Corn saw loadings at 1.217mt and wheat 535,691 tonnes. Interesting to note sorghum exports were also solid at 140,458 tonnes but about half of the previous weeks. Still on sorghum we should compare US exports for this season versus last season, 2.589mt vs 1.207mt, that’s a huge increase from the USA, I’m sure they’ll thank us later.
As for the wheat splits the vast majority was hard wheat, with spring wheat, mainly from the PNW, making up 207,533 tonnes. HRW wasn’t far behind at 182,419 tonnes. Soft white wheat out of the PNW was also solid at 90,491 tonnes, something Australia will need to address in the new year. Also interesting to note 39kt of durum was loaded, the bulk of that out of the Gulf.

Wheat and corn futures at Chicago responded by remaining generally flat. Soybeans weren’t so lucky shedding double digits as the US / China trade debate continues on in a less than positive light. The weakness in soybeans spilt over into the corn pit and further weakness in the oil markets didn’t help. Trump is flopping from suing China for the coronavirus back to they have broken their trade agreement, both of which are like poking Mr Overton’s sleeping blue dog with a stick and is not helping US farmers sell their soybeans to China.

Improving weather across much of Russia & Ukraine is expected to help wheat fill but models are a little conflicting on volume.