Wheat futures on the Chicago Stock Exchange hit their highest value in a year over the past week.
From the export sales report, which was published by the US Department of Agriculture, it became known the volume of contracts and actual shipments of cereals and legumes in recent years.
This report had some impact, including on the price of futures that are currently traded on exchanges.
During the last week, the volume of exported soybeans increased immediately by 10% compared to the previous week. It amounted to almost 100 million bushels.
At the same time, China buys the lion’s milk of American soybeans. It was he who accounted for 63% of the volume of soybeans sold in a week.
That’s about 85 million bushels. The volumes supplied to other countries are much more modest.
For example, 11.4 million bushels were sent to Germany, 5.2 million to Egypt.
At the same time, China last week booked an additional 34.5 million bushels of soybeans, which should be delivered during the 2021-2022 season.
Corn exports remain strong
The US corn harvest is still several months away, but futures for this crop are already actively traded on the Chicago Stock Exchange.
For example, from October 29 to November 4, over 50 million bushels were booked. This is more than analysts expected.
Of this volume, 14 million bushels were reserved by Canada, 11 — by Mexico.
At the same time, China is not yet eager to increase corn imports. Despite his own poor harvest, he bought only 7,000 bushels of corn in that week.
Also over the past week, significant volumes of corn have been shipped from the US to international buyers who had contracted for deliveries earlier.
Including, 12 million bushels of corn were sent to Mexico, about 7 million bushels — to Japan, about 4 million bushels — to Colombia.
US wheat imports are falling
Over the past week, these volumes have almost doubled compared to the previous one: to 10 million bushels. Despite this, the volume of wheat imported to the United States has decreased by almost 50% over the past month.
This sparked optimism on the American stock exchanges.
In this regard, a number of analysts have forecasts that wheat prices within the country may fall significantly.
Over the past week, orders have been received for shipments to the United States of about 10 million bushels of wheat. This is about 40% less than in the previous week.
Mexico (about 4 million bushels), Thailand (2 million), Colombia (1.6 million) imports the largest amount of wheat to the United States.
