Export sales for old crop corn needed to be 16.3 million bushels to stay on pace to reach USDA projections and it came in at 21.7 million bushels. Pre-report estimates by the trade were combined old and new crop corn to be from 26 to 35 million bushels. New crop sales were reported at only 1.8 million bushels. Combined sales were below trade estimates. Shipments of 46.4 million bushels were needed for the week, with actual shipments coming just below the needed pace at 39.5 million bushels. Traders should view this report as neutral for corn.
Soybean sales continue to be above what is needed weekly of only 1.4 million bushels as they showed sales for the week ending April 24 at 11.4 million bushels. There were new crop soybean sales reported at 2.4 million bushels. The combined sales were within the range of pre-report estimates of 7 to 15 million bushels. Shipments of 10 million bushels of soybeans were needed for the week to reach USDA estimates and it was reported that we moved twice that amount. With 35% of the marketing year remaining, we have shipped 84% of what USDA says we will export. This week's numbers should be viewed as bullish to soybeans.
We continue to come the end of the 2007/08 marketing year for wheat. Old crop sales were reported at 6.5 million bushels, while new crop sales were reported at 11.9 million bushels. The trade was expecting from 11 to 18 million bushels. For old crop wheat we now have sales of 1.243 billion bushels on the books, with USDA estimating sales at 1.275 billion bushels. This makes sales now at 97.48% of what USDA expects. Shipments remain a problem as only 21.1 million bushels were shipped, with closer to 40 needed to reach USDA projections. With around a month left in the marketing year, shipments are at 86.2% of what is needed. This weeks report should be viewed as neutral by the trade.
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