For the week ending February 21st, the sale of wheat was reported at 11.3 million bushels. The breakdown of classes of wheat this week showed 5.5 million bushels were Hard Red Winter (HRW), 2.1 million bushels Soft Red Winter (SRW), 2.5 million bushels Hard Red Spring with the remainder made up of White and Durum wheat. Pre-report estimates were in a range of 9.2 to 22 million bushels, so this week's 11.3 million fell within what trade was expecting. With only 25% of the marketing year remaining for old crop wheat, sales have reached 97% of the 1.2 billion bushels USDA is projecting. We need only to sell around 3 million per week the remainder of this marketing year to achieve this goal. Shipments for the week were 18.8 million bushels. This is a little less than the 21 million bushels needed on a weekly basis to reach the USDA projection. This report may be viewed mostly bullish by the trade, with a watchful eye kept on shipments as the marketing year starts to wind down.
Corn sales for the week were reported at 23.7 million bushels. This is well over the 18 million bushels needed on a weekly basis to reach the 2.45 billion bushels USDA is estimating for sales. Sales came in at the low end this week of pre-report estimates of 23.6 to 37.4 million bushels. There were 6.9 million bushels of sales of corn for the new crop year. Shipments for the week totaled 49.1 million bushels; this also is above what is needed on a weekly basis to achieve the USDA estimate. Trade should view this report as bullish.
Soybean sales were reported at 21.4 million bushels this week, which falls in the middle of pre-report estimates of 16.5 to 36.7 million bushels. This is well above the 3 million bushels needed on a weekly basis to reach the 1.005 billion bushels USDA is projecting. We have reached 92% of what USDA is projecting for soybean sales this marketing year and have 54% of the marketing year yet remaining. Also reported was 1.2 million bushels of soybeans sold into the new crop-marketing year. Shipment of soybeans this week was reported at 24.5 million bushels, well above the 12 million bushels needed per week to reach USDA projections. Overall, this report should be viewed as bullish by the trade.
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