USDA Weekly Export Sales Report shows that corn sales for the week ending January 24 were at 74.3 million bushels, well above pre-report estimates of 35 to 59 million bushels. This is 18% above the previous weeks sales and over three times more than needed on a weekly basis to achieve the 2.45 billion bushel USDA estimate. With 60% of the marketing year remaining, sales have now achieved 74.4% of USDA's projection. Shipments for the week were 58.7 million bushels, over the 45.6 million bushels needed on a weekly basis. Shipments have now achieved 42.3% of USDA's projection. This report should be viewed as bullish by the trade.
China was the lead buyer of soybeans again for the week. Sales were reported at 17.9 million bushels, down from the week prior by 26%, but still well over the amount needed to reach USDA's estimate of 995 million bushels. We only need to average 4.8 million bushels per week to reach projections. Pre-report estimates were in a range of 18 to 29 million bushels. There was also a small 4.3 million bushel sale for next year's crop, which has 18.4 million bushels on the books. This is well above last year and the three-year average. Shipments for the week were 26.9 million bushels, well over the 14 or so need per week to reach the USDA estimate. This report should be viewed as bullish by the trade.
Wheat sales for the week were 18.7 million bushels of old crop and 2.9 million bushels of new crop wheat. Net sales of wheat were 20% above the previous week and fell with in the pre-report estimate of 11 to 26 million bushels. With 33% of the marketing year remaining, sales are now 96.3% of the USDA estimate of 1.175 billion bushels. Shipments for the week were 22.9 million bushels, more than needed on a weekly basis to keep on track with USDA projections. This report should be viewed as bullish by the trade.
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