Corn, Soybeans and Wheat export sales for the week ending March 26th were up from the previous week by 5%, 40% and 7% respectively. Combined old crop and new crop corn export sales came in at 49.6 million bushels (49.3 old corn and 0.3 new crop). This was over the pre-report estimated range of 27.6 to 39.4 million bushels. Old crop sales of 49.3 million bushels are well over the 19.6 million needed for the week to reach the USDA projection of 1.7 billion. With 44% of the marketing year remaining, export sales have now reached 73.5% of the USDA target. Shipments for the week of 39.1 are above what was needed on a weekly basis. The trade should view this report as bullish for corn.
Soybean export sales had another great week with 22.0 million bushels of old crop sales booked along with 21.4 of new crop, or a total of 43.4 million bushels. This was well over the highest pre-report estimate of 23.0 million. To reach the USDA export sales target of 1.185 billion bushels we only needed export sales of 6.0 million this week. Shipments for the week came in at 27.6 million bushels; also well over the 11.9 million that were needed. The trade should view this report as bullish for soybeans.
Wheat export sales showed old crop wheat at 10.4 million bushels and 3.7 of new crop. This fell with in the range of pre-report estimates. For old crop wheat we needed export sales of 5.7 million bushels and this week was well over that. With 17% of the marketing year remaining wheat exports have reached 95.2% of the USDA target of 980 million bushels. Shipments for the week came in at 13.8 million bushels, a little shy of the 17.9 million needed. The trade should view this report as neutral for wheat.
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