Corn sales for the week ending April 17 were 30.5 million bushels of old crop corn and 8.4 million bushels of new crop. Pre-report estimates were in a ranged from 30 to 49 million bushels. Combined sales of 38.9 million bushels are the best we have seen since mid-February. On a weekly basis we need to average sales around 17 million bushels to reach USDA's projections of 2.5 billion bushels. Shipments for the week totaled 43.7 million bushels and are a little shy of what is needed weekly. Overall, trade will look at this week's exports as being neutral.
To reach USDA projections, sales for the week only needed to be around 2 million bushels. For the week soybean sales of 13.8 million bushels were reported. This falls into the middle of the range of pre-report estimates of 9 to 17 million bushels. There were no sales reported for new crop soybeans this week. Shipments for the week were 19.8 million bushels; also well above the 10 million bushels needed to reach the 1.075 billion bushel USDA projection. The big question in coming weeks is will there be cancellations of US soybeans if and when Argentina resolves their problems. Trade will look at this weeks export situation for beans as bullish.
Wheat export sales of 5.8 million bushels old crop and 4.2 million bushels new crop were reported in this weeks report. This was within pre-report estimates of 9 to 13 million bushels of combined sales. As the 2007/08 marketing year winds down, we now have now reach sales to 97% of the USDA estimated 1.275 billion bushels. As we have stated before, shipments continue to lag what is needed weekly to reach USDA's goal. For the week, shipments of 36.2 million bushels were needed with actual shipments totaling only 20.2 million bushels. Next week we need to see shipments approaching 40 million bushels to stay on pace and reach projections. Trade will look at these week's exports for wheat as neutral.
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