The Good: The wheat exports from Canada through the 14th week of the crop year are over 1.1 million tonnes higher than last year at this time. The weekly exports were 477,000 tonnes with strong movement from both Prince Rupert and Vancouver. The good news is that just under 250,000 tonnes are in West Coast elevators waiting to fill boats this week. This means that wheat exports are only covered for about half of next week’s shipments. For example there is approximately 360,000 tonnes of wheat cargo waiting to be filled in Prince Rupert alone over the next few weeks.
The Bad: Corn had a very bullish report this week, but did not manage to hold onto the gains. This has been not only a problem for feed grains, but also for the wheat market. Corn futures finished the week just under five cents per bushel higher on the week, which feels like a victory given that the markets moved higher on the USDA report and then lower to test resistance levels.
The Ugly: While Canadian wheat exports continue to outperform, spring wheat exports last week in the U.S. came in at 166,130 tonnes. Of more concern is that U.S. spring wheat sales were only 103,236 tonnes. Despite the disappointing sales spring wheat commitments are still the highest in the past three years and the third highest in the past 10 years.