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May 26th, 2016
Weekly export sales covering the period from May 12 and 19 were released this morning. Corn sales totaled 1,627,310 metric tonnes (1,381,075 old + 246,235 new). This is neutral as it was within the 1.250 - 1.750 million tonne expectation. Sales have been on an accelerated pace for eight weeks in a row now due to the South American production problems. If this same eight week pace (139% over the five year average) would continue all the way through the end of the marketing year on August 31, then actual year end exports would total 1.923 billion (198 million over USDA's current 1.725 billion estimate). That is unlikely. If they run a more reasonable 25% over the five year average from here on out then year end exports would total 1.782 billion (57 million over USDA).
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Filed under Export Sales, Nelson's Notes | Comments Off on Weekly Export Sales 5-26-2016