-USDA reports old crop soybean sales to unknown
-Soybean export sales solid, corn respectable, wheat weak
-Headline influence continues for grain markets
Overnight grain markets were firm as the back and forth nature of South American forecasts of late swung back the drier side for Brazil, while the Russian/Ukraine situation remains quite elevated, despite some unsubstantiated de-escalation indicators made by the Russian side.
ï‚· After the close yesterday, Egypt tendered for an unspecified amount of wheat for April 1-10 shipment. The lowest three offers were Romanian at $338.55-$339.25/tonne c&f ($318.00-$318.70 fob), followed by Russian at $339.40/tonne c&f ($318.00 fob) & Ukrainian at $339.95 c&f ($318.00 fob).
ï‚· USDA reported the sale of 120k tonnes of old crop, 21/22, soybeans to unknown this morning.
ï‚· Algeria bought an estimated 300-500k tonnes of milling wheat, likely largely Black Sea origin, at $345.50-$346.50/tonne c&f for April shipment. The Philippines bought 45k tonnes of Australian feed wheat, priced in the high $330s/tonne c&f.
 Kazakhstan’s ag ministry said early expectations for 2022/23 total grain exports are 8-9 MMT, up from this year’s estimated 7.0-7.3 MMT.
 Please see our Market Insights post at https://portal.rjobrien.com/MarketInsights/Blog/Read/46631 for details on today’s USDA Export Sales report.
ï‚· U.S. corn sales were 820k tonnes (32.3 million bushels), within market expectations of 500k-1.0 MMT, up from the previous week’s 4-week low 23.3 mil bu but a bit below last year’s same-week sales of 39.4 million bushels. Once again, there was no meaningful activity by China for the week while they still have 8.0 MMT of unshipped old crop U.S. corn purchases on the books. Total commitments of 1.832 billion bushels are down nearly 21% from last year’s 2.305 billion.
ï‚· U.S. soybean sales last week of 1.362 MM (50.0 mil bu) were within market expectations of 750k-1.8 MMT, but rather strong for this time of the year as the atypically solid sales pace continues. Year ago sales this week were 16.7 million bushels, while soybean sales have average a very impressive 46.1 million bushels/week over the last four weeks vs 21.6 million/week during the same period last year. New crop sales of 1.526 MMT (56.1 mil bu) ere at the very top of market expectations of 800k-1.5 MMT, with China buying 876k tonnes of new crop soybeans for the week with unknown sales of 530k tonnes, as well.
ï‚· U.S. wheat sales were weak and disappointing again at only 114k tonnes (4.3 mil bu), at the bottom of market expectations of 75-500k tonnes and continuing the streak of very poor sales of late, now having averaged a mere 3.2 million bushels/week over the last three weeks vs 20.0 million/week average during the same period last year.
ï‚· U.S. soybean meal sales were solid at 279k tonnes, within expectations of 150-500k tonnes, with sales over the last five weeks averaging a very respectable 354k tonnes/week vs 300k/week during the same period last year. Soybean oil sales of 35.4k tonnes were within expectations of 0-60k and were the best in 8 weeks