This mornings Export Sales report was delayed around 30 minutes because of computer issues at USDA.
For the week ending February 7, corn sales were reported to be 36.7 million bushels of old crop along with 1.9 million of the 2008/09 new crop corn. This was 46% below last week and also less than the 5 and 10-week averages. USDA went back and made some minor adjustments to the corn export numbers from November 29 and December 20 on this report. Pre-report estimates for corn ranged from 21.7 to 39.4 million bushels. This week's number is well above the amount needed weekly to reach USDA projections and this report should be viewed as bullish to the trade. Shipments were also right in line on what is needed weekly to meet projections with 45.1 million shipped out.
Soybean sales for the week were 12.1 million bushels. USDA raised export projections in the latest WASDE by 10 million bushels and this week's sales were more than enough to stay on pace with reaching USDA's new figure. Though 68% below last week's sales number this is well above the 3.6 million needed weekly. Pre-report estimates were in a range of 12.9 to 29.4, which was more than actually achieved. Shipments totaled 37.7 million bushels, also more than needed on a weekly basis to meet projections. Overall this week's report should be viewed as bullish.
Wheat sales were the lowest since the 0.5 million sales figure of November 1st. They were reported at 3.0 million bushels. This was well below the pre-report estimates of 9.2 to 29.4 million bushels. There were also new crop sales of 2.7 million booked this week, which now total 66.4 million bushels. USDA raised the wheat export projections for the 2007/08 crop by 25 million bushels in the latest Supply/Demand report, which now sets at 1.2 billion. For the week sales were 74% below the previous week. Shipments for the week totaled 20.1 million bushels, right on what is needed on a weekly basis. Even with the revised export projections, this report should be viewed as bullish by the trade.
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