As the month of March came to an end, exports for corn were up over the previous week's export sales with 27.7 million bushels reported for old crop corn and 9.5 million bushels sold for new crop corn. Combined old and new crop sales of 37.2 million bushels were more than pre-report estimates by the trade of 21.7 to 29.5 million bushels. This is well above the pace needed on a weekly basis for old crop corn of around 16 million bushels to reach USDA's projected 2.45 billion bushels. Shipments for the week totaled 45.1 million bushels, just above the 44 million bushels needed to reach the USDA estimate. With 44% of the marketing year remaining, shipments have now reached 58.7% of what is needed to make the USDA benchmark of 2.45 billion bushels. The trade should consider this report as bullish for corn.
For soybeans, export sales of just over 1 million bushels were needed to reach USDA projections. Exports sales for the last week of March were reported at 6.8 million bushels of old crop and 8.5 million bushels of new crop 2008/09 soybeans. Pre-report estimates were in a range of 12.9 to 20.2 million bushels. China was the lead buyer of soybeans again this week with 22% of their sales switched from unknown destinations. Shipment of soybeans for the week totaled 26.8 million bushels, well above the 9.4 million bushels needed last week to reach the USDA projection of 1.025 billion bushels. Trade should consider this report as bullish for soybeans.
Old crop wheat sales for the week ending March 27 totaled 9.8 million bushels, with new crop wheat sales at 4.4 million bushels. USDA's current export sales projection for old crop wheat is 1.225 billion bushels; accumulated sales of wheat have now reached 1.209 million bushels with 8 weeks remaining in the marketing year. Export sales this week was 3 times what is needed on a weekly basis to reach USDA projections. Pre-report estimates by the trade for wheat were in a range of 16.5 to 23.9 million bushels. As noted in previous weeks, shipments again for the 6th week in a row are just under the pace needed to make USDA's estimated 1.225 billion bushel figure. With 15% of the marketing year remaining for old crop wheat, shipments as a percentage of USDA's estimate stand at 83%. Overall, the trade should view this report as bullish for wheat.
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