USDA report schedule for this week (weekly stuff like inspections, crop progress and export sales are pushed back a day due to federal holiday Monday):
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From last week:
#Brazil's farmers have sold 19% of their new-crop #soybeans, below the average of 30% for the date. Old-crop sales at 86% are also off the 91% average.
FUNDS LAST WEEK:
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Money managers bought CBOT #corn in the week ended Oct. 4 (included Sept. 30 report), but they sold #soybeans by the largest degree in 3 months. Funds remain historically bullish in both for the date, and they continue to avoid short bets (particularly in corn).
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Big fund selling last week in #soymeal as futures tumbled, but the bullish push in #soyoil continues. Funds bought CBOT #wheat for a 6th straight week (they remain net short though and close to typical levels). Yikes #hogs.
Super quick & dirty chart of weekly U.S. soy exports to China since 2003 per the weekly sales report. White line is 2022, purple line is 2021. Recent export volumes certainly support the low import narrative for China in Oct. (and possibly Nov if things don't get going?)
metmike: Just a reminder of what the very high dollar/DX help do to our exports last week:
Strong dollar:
https://www.marketforum.com/forum/topic/89507/
U.S. #corn export sales last week were the worst for the the week since 2012, #soybeans worst since 2011, #wheat worst since 2015. #Mexico, not #China, was the week's leading soybean buyer.
Zooming in & adding years. Yes, soy inspections rose last week, but they remain unacceptable given annual targets. Lowest volume for the week since 2011, lowest YTD since 2013. Next week's volume needs to be like 80% greater, at least, to stave off immediate concerns. IMHO.
