US Grain Market Sees Strong Export Sales

The US grain and oilseed markets have seen some movement in recent days. The USDA reported that 325,900 tonnes of wheat were sold for export during the week ended September 10, up 68% from the previous week but unchanged from the four-week average.

This figure was in line with trade expectations. Hard red winter wheat growing areas are expected to see rain over the next week, while there is a chance of rain in western and central Kansas today.

The price of wheat has been lower on Thursday, but December contracts for all three major US varieties have remained rangebound. SovEcon estimated combined exports of Russian and Ukrainian wheat from July to September at eight million tonnes, down from 16.4 million in the same period last year.

Turkey sent a proposal to Russia and Ukraine which would halt attacks on civilian ships in the Black Sea, but neither country has responded yet.