Wheat Sees A Bounce In Shipments

USDA reported 83,804 tonnes for last week’s wheat export sales. The trade estimate was -200,000 – 550,000. USDA’s 725 million bushel export goal, for the year that started June 1, is -20% from the five year average sale. Year to date sales are -14% from average. To hit USDA's goal we only need to sell -109% vs. average through May. This week was -72% from average. The general 33 week trend, highly variable, has run -1%. Based on sales we are ahead of USDA's goal.

But the shipment story remains a concern. Year to date shipments are -22%. Needed shipments through May need to improve to +19% from average. This week was +20%. Allendale was -10 million bushels vs. USDA. USDA last week lowered their view by -15. There are likely further declines ahead.

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