The USDA reports the week ending May 4th was generally bearish for U.S. export sales. Wheat hit a marketing year low with Russia continuing to dominate the global market, and corn, soybean, beef, pork, rice, and soybean oil also saw significant week-to-week declines. Soybean meal and sorghum sales were up sharply on the week, while cotton sales were slightly higher. Export sales are driven by several factors including seasonal supply and demand trends, currency movement, and geopolitics.
