• The USDA has today released its weekly export figures as detailed below:

Wheat: 510.700 mt, which is above estimates of 275,000-450,000 mt.
            This year 377,500 mt; Next year 133,200 mt.
Corn: 533,000 mt, which is within estimates of 400,000-600,000 mt.
          This year 533,000 mt; Next year zero mt.
Soybeans: 912,8 mt, which is within estimates of 900,000-1,300,000 mt.
                 This year 912,000 mt; Next year 800 mt.
Soybean Meal: 239,500 mt, which is above estimates of 100,000-230,000 mt.
                        This year 41,000 mt; Next year 198,500 mt.
Soybean Oil: 12,800 mt, which is within estimates of zero-20,000 mt.
                    This year 12,800 mt; Next year zero mt.

• Brussels has issued weekly wheat export certificates amounting to  562,017 mt, the best figure since five weeks ago. This brings the season total to 4,602,268 mt, which is 963,035 mt (17.3%) behind last year.

• The market has been somewhat sluggish and uninspiring today as many are awaiting the Fed’s latest rate announcement after some nine years of unchanged rates. Many are anticipating rate rises, the only question being when and it seems we are about to find out very soon! Any rate rise will likely impact the US$ making it stronger and thereby further pressuring commodities lower.

• The bulls were less than impressed with today’s sluggish US export figures and markets are approaching the close in negative territory. Soybeans are following the grains lower as early Midwest yield data is coming in well above producer expectations. There are even some commentators questioning whether or not we could see a record US yield this year. As prices slip ever lower, close to contract lows once again, there is no sign of consumer interest ramping up in any significant manner.

• It has been reported that Russia is expected to decide on Saturday whether or not to alter their wheat export tariff. Seemingly the AgMin favours a reduced level of tax whereas the Treasury does not, which could pose something of a rocky ride for any change to be agreed.

• StatsCan have reported their latest monthly crop output estimates, and spring wheat is forecast 430,000 mt higher at 18.4 million mt, some 13% behind last year whilst canola (rapeseed) is forecast 1.1 million mt higher at 14.4 million mt, down 11.6% from last year.

• Closer to home Stratégie Grains forecast the EU soft wheat crop at 147.5 million mt, an increase of a further 3.5 million mt month on month a mere 1% down on last year. In contrast the EU corn crop was reduced a further 2.3 million mt month on month to 57.4 million mt, a full 24% down from last year.