Wheat export sales for the week ending August 7, shows that wheat put in another great week as 23.9 million bushels were sold for export. While not over pre-report estimates that ranged from 15 to 28 million bushels, it is well over the 12.5 needed that week to reach USDA's projection of 1.0 billion bushels. With 81% of the 2008/09 marketing year remaining for wheat, accumulated sales have now reach 49% of projections. Also adding to this bullish scenario is the fact that shipments continue to also be well ahead of what is needed on a weekly basis. For the week shipments totaled 29.9 million bushels, well over the 18 million needed. The trade should view this report bullish for wheat.
In this weeks USDA supply and demand report, corn exports were lowered slightly to 2.425 billion bushels from the previous 2.5 billion. Pre-report estimates had combined old and new crop corn sales at 28 to 43 million bushels. For the week sales of 2007/08 corn was 15.2 million bushels, while new crop corn sales totaled 37.4 million for a combined total of 52.6 million. This is over what the trade was expecting. With the revised export number by USDA, export sales are now over USDA projections. Shipments for the week totaled 37.0 million bushels and were less than needed to reach USDA projections. Overall, the trade should view this week’s report as bullish.
In this weeks report USDA posted a negative export sales figure for old crop soybeans of 1.8 million bushels and new crop soybeans only had sales showing 4.4 million bushels. This was well below what the trade was expecting of 7 to 22 million bushels. Even with cancellation of old crop soybeans, cumulative sales for the year are still above the 1.145 billion bushels USDA is projecting. With 3 weeks remaining in the 2007/08 marketing year the potential for more old crop cancellations is possible. Shipments for the week totaled 10.5 million bushels, a little less than needed to reach USDA's 1.145 billion figure. The trade should view this report as bearish for soybeans.
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