Combined export sales for the week ending July 16 were 29.8 million bushels of old crop corn and 22.7 million bushels of new crop corn. Pre-report estimates by the trade showed combined sales from 31.5 million to 47.2 million bushels, which is a little less than reported by USDA. Old crop corn sales of 1.83 billion bushels are now over USDA’s projected export sales figure of 1.8 billion bushels.
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Exports Recap
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Wednesday morning the CFTC said they are watching the wheat contracts closely and will likely take further action to bring convergence between cash and futures. The underlying message is long only speculators better not cause problems.
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Allendale Inc needs to clarify, USDA’s additional data collection of this magnitude at the end of July, before the August crop production report is rather rare, however a similar adjustment was made just one year ago. The results of last year’s revision discovered 100 K fewer acres planted in IL, IN, MO and 50 K fewer acres in WI vs USDA June 30th, 2008 planted acres estimated.
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Full Report
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Wednesday afternoon the USDA released the monthly Cold Storage report. The month end count of pork in storage totaled 579 million lbs. That amount itself is the largest end of June total on record. Wednesday's report, covering the month of June, found sto
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