Since wheat seems to be what everyone is focused on at the moment, here is more of a breakdown of export sales and shipments. After the release of Stats Canada's stocks numbers for the end of December, the Minneapolis Hard Red Spring (HRS) wheat has nothing but traded limit up in the nearby March contract. At the present there are HRS sales booked at 72.2 million bushels for the current marketing year, this compares to 37.2 million bushels last year. This is almost twice the amount when compared to a year ago. Digging further into the hard wheat situation, the Hard Red Winter (HRW) wheat has sales of 133.6 million bushels for the 2007/08 marketing year, which compares to only 56.1 a year ago. That is 2.4 times more sales from year to year. When looking at a breakdown of classes of wheat, the HRW made up 63% of this week's total of wheat sales, HRS made up 22% of the total sales of wheat for the week. The remaining 15% of sales were then Durum, Soft Red Winter and finally White wheat.
Now, for the week ending January 31st, all wheat sales were 11.5 million bushels, the pre-report estimated range was from 9.2 to 22.0 million bushels. This week was 39% below last week's sales. There were sales of 5.7 million bushels of new crop wheat sales also reported for the week. Shipments for the week were 16.9 million bushels; this is less than the 5 and 10-week averages and falls behind the 19.4 million bushels what are needed on a weekly basis to reach USDA projections.
Corn recorded net sales for the week at 40.5 million bushels; this was 46% under a week ago, but still more than the 19.5 needed on a weekly basis to reach USDA projections. Sales fell in the middle of the pre-report estimated ranged of 35.4 to 57.1 million bushels. Shipments for the week totaled 49.2 million bushels. This also is more than is needed on a weekly basis to stay on pace. This report can be considered neutral to bullish for corn.
Export sales for soybeans were 38.1 million bushels. This is 86% better than the previous week. China was the largest buyer of beans for the week at 18.51 million bushels. With pre-report estimates ranging from 18.4 to 33.1 million bushels and sales of only 4.8 million needed on a weekly basis to reach USDA estimates, this report should be viewed as bullish. Shipments for the week totaled 16.9 million bushels, also more than needed to stay on pace with USDA projections.
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