Weekly corn sales totaled 62.8 million bushels, down 33% from a week ago, but well over the 5 and 10-week averages. Pre-report estimates were in a range from 47.2 to 63.0 million bushels. At 62.8 million bushels, this is well above the 21.9 million bushels needed on a weekly basis to reach USDA projections. There were also sales of 4.7 million bushels for the 2008/09 marketing year reported this week. Shipments for the week ending January 17th were 52.6 million bushels. Well above the 46.0 million bushels needed on a weekly basis. With 61.5% of the marketing year remaining, we have shipped 40% of the 2.45 billion bushels projected. Traders should view this report as bullish.
Soybean sales were down 31% from the prior week, but sales still managed to be way more than what is need per week. Sales of 24.4 million bushels fell within the pre-report estimates of 22.0 to 29.4 million bushels. Shipments of soybeans for the week were better than a week ago as 37.0 million bushels left the country. This is more than double what is needed weekly to reach the 975 million bushel USDA estimate. Today's numbers should be viewed as neutral to bullish by the trade.
Wheat sales for the week totaled 15.5 million bushels, right in the middle of pre-report estimates of 11.0 to 18.4 million bushels. There were also new crop sales this week of 9.1 million bushels, which brings new crop sales up to 55.0 million bushels. Well above the 3-year average for this time of the marketing year. One area of minor concern lies with weekly shipments. We slipped back again this week to 18.2 million bushels, just below what is need weekly to reach USDA projections of 1.175 billion bushels. This week's report should be viewed as neutral to bullish by the trade.
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