Corn sales for the week totaled 30.3 million bushels; this was within the range of pre-report estimates of 23.6 to 39.4 million bushels. USDA left corn exports the same in their monthly supply and demand report released earlier this week. We had sales this week of 18.0 million bushels of new crop corn. To this point in time we have 64.1 million bushels of new crop corn on the books. This is above last year at this time and well above the 3-year average pace of 17.7 million bushels. Weekly sales are well above what is needed on a weekly basis to reach USDA projections of 2.45 billion bushels as we have 48% of the marketing year remaining and have sold 83% of this estimate. Shipments for the week totaled 41.8 million bushels, just below the amount needed on a weekly basis. Traders will consider this report as bullish as sales remain strong.
Soybean sales totaled 9.5 million bushels, which is more than enough to stay on pace with the revised estimate from USDA. In this weeks report, USDA increased exports another 20 million bushels, which now stands at 1.025 billion bushels. Pre-report estimates were in a range of 9.2 to 22.0 million bushels. There was also 4.6 million bushels of new crop soybeans sold. At this point of the year we are way ahead of last year and the 3-year average. With 48% of the marketing year remaining, we have sold 94% of what USDA estimates. Shipments for the week were 32.6 million bushels; this is more than enough to reach projections and is right in there with the last 5 and 10-week averages. Trade should consider this report as bullish to the beans.
Wheat sales were reported at 7.7 million bushels. USDA raised wheat exports in this months report by 20 million bushels, which now sets at 1.225 billion bushels. Pre-report estimates were in a range of 9.2 t 27.6 million bushels. Hard Red Spring wheat was again the leader in sales this week. New crop wheat sales of 7.8 million bushels were also reported. This puts new crop wheat sales at 82.7 million, well above last year's 8.6 million bushels and the 3-year average of 1.2 million bushels. Shipments for the week totaled 18.6 million bushels, again a little less than needed on a weekly basis to reach USDA projections. We will need to keep monitoring this as the marketing year for wheat is in its last quarter. All considered, trade should view this as bullish.
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