Grains Struggle to Find Support Under Export Sale Report and Positive Weather News May 18, 2023
The trade knew today's weekly export sales, from USDA's Foreign Agricultural Service, would be negative. Remember, we had a 5/9 cancellation from China (272,000 tonnes) included in today's numbers. Yesterday's 272,000 China cancellation will show up on next Thursday's report. A net cancellation of -338,974 tonnes was reported. We just learned last week's cancellation also included some from Unknown and Mexican buyers. Ouch. We now have six weeks of very poor sales, -79% from the five year average.
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