Credit: Shutterstock photoFirst things first; we've only had one report each of the last two weeks due to the holidays recently and the holiday closings. We will go back to having two weekly starting next week on Monday then again Thursday before the crop report.
Monday's weekly export inspections report unveiled more bearish export news. Wheat's weekly export inspections report by the USDA for near-term export came out at 7.7 million bushels down from 15.2 the week prior and 14.8 on our four week average. After a big weekly export sales number last week with world buyer Egypt in buying large quantities, traders want to know if they're going to be a regular weekly buyer or just once a month buyer. This report only suggest they're not in for US wheat as of Sunday, but they could show up on the USDA daily list of countries who purchased 100 thousand metric tons or more of any daily purchase. Traders have doubts as Egypt has purchased wheat two times in the last month with both buys spaced apart. The market likes consistency with back to back purchases. Consistency moves prices higher.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
