- Brussels has issued weekly wheat export certificates totalling 213,893 mt, which brings the season total to 9.2 million mt. This is 797,395 mt (9.5%) ahead of last year. Barley exports for the week reached 266 mt, which brings the season total to 1.325 million mt, which is 3.03 million mt (69.6)% behind last year. Note, next week’s update will be based upon actual customs reported export figures rather than the export certificates granted. Clearly this will create a temporary “blip” as data catches up, although the longer term will reflect a more accurate picture of actual exports.
- The bears have rising US end stocks; the bulls have demand and very competitive, if not cheap, US offers relative to other origins. Our view is that a more bearish pattern may resumes once (if?) trend yields in S American can be confirmed beyond January.