Wheat export sales within expectations. Weak shipment pace of interest.

USDA reported 322,516 tonnes for last week’s wheat export sales. The trade estimate was 275,000 – 600,000. USDA’s 725 million bushel export goal, for the year that started June 1, is -19% from the five year average sale. Year to date sales are -13% from average. To hit USDA's goal we only need to sell -50% vs. average through May. This week was just fine at -9% from average. The general 27 week trend, highly variable, has averaged +3%.

Allendale is +20 million bushels vs. USDA.

The trade remains cautious with export expectations. Needed shipments through May would be +13% from average. The past four weeks have been -23%.

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