Exports for the week were dismal in corn. The trade was expecting corn exports to range from 18 to 30 million bushels. Combined old and new crop sales totaled only 15.8 million bushels and are the lowest weekly figure in this marketing year. This is below the weekly total needed to stay on pace with USDA projections. Shipments for the week totaled 36.9 million bushels, which is also less than needed weekly to make USDA's 2.5 billion bushel goal. The trade should consider this report as bearish.
To stay on pace with USDA projections in soybeans, we only needed sales of 0.8 million bushels for the week. Old crop soybean sales were 1.5 million for the week. New crop sales were 8.8 million bushels. The trade was expecting combined sales in a range from 6 to 13 million bushels. New crop soybean sales have now reached 55.8 million bushels, which is running near normal with a 3-year average of 53.1 million bushels. Shipments for the week were 13.3 million bushels, more than the 9 million needed this week to stay on pace with USDA. Trade should view this weeks export sales for soybeans as bullish.
Wheat exports sales for the week totaled 6.6 million bushels old crop wheat with 11.5 million bushels reported as new crop. Pre-report combined estimates ranged from 9 to 15 million bushels. Therefore, old and new crop wheat sales were over what the trade was anticipating. With 4 weeks left in the 2007/08 marketing year, sales have reached 98% of USDA's estimate. Shipments of wheat continue to lag and once again fall further behind what is needed to reach the USDA goal at 88%. The export picture for wheat should be viewed as neutral to bearish by the trade.
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