USDA Weekly Export Sales
The USDA's weekly export sales report was out at 13.30 BST, here's what the lovable chumps had for us today:
Wheat
Net sales of 652,700 MT were a marketing-year high, up 82 percent from the previous week. That was much better than expectation of 350,000 to 450,000 MT. The main homes were Nigeria (222,500 MT), Japan (89,500 MT), Egypt (60,000 MT), South Korea (54,500 MT), unknown destinations (46,400 MT), Mexico (35,100 MT), and Taiwan (31,700 MT). Actual exports of 450,200 MT were also a marketing-year high.
Soybeans
Monster cumulative net sales were just over 2 MMT, compared to trade guesses of between 800,000 and 1,250,000 MT. The vast majority was, as you would expect at this time of year, new crop at 1,966,300 MT mainly for China (1,530,500 MT), and unknown destinations (303,000 MT). the total also included 87,900 MT of old crop beans. Actual exports of 311,500 MT were double from the previous week and up 26 percent from the prior 4-week average.
Corn
Cumulative sales of 973,200 MT comprised of 265,600 MT old crop and 707,600 MT new crop. That was in line with pre-report estimates of between 800,000 and 1,150,000 MT. Unknown destinations (275,100 MT), Mexico (172,300 MT), Egypt (120,000 MT), and Syria (85,000 MT) took the bulk of the new crop. Physical exports of 1,275,000 MT were pretty robust.
Wheat
Net sales of 652,700 MT were a marketing-year high, up 82 percent from the previous week. That was much better than expectation of 350,000 to 450,000 MT. The main homes were Nigeria (222,500 MT), Japan (89,500 MT), Egypt (60,000 MT), South Korea (54,500 MT), unknown destinations (46,400 MT), Mexico (35,100 MT), and Taiwan (31,700 MT). Actual exports of 450,200 MT were also a marketing-year high.
Soybeans
Monster cumulative net sales were just over 2 MMT, compared to trade guesses of between 800,000 and 1,250,000 MT. The vast majority was, as you would expect at this time of year, new crop at 1,966,300 MT mainly for China (1,530,500 MT), and unknown destinations (303,000 MT). the total also included 87,900 MT of old crop beans. Actual exports of 311,500 MT were double from the previous week and up 26 percent from the prior 4-week average.
Corn
Cumulative sales of 973,200 MT comprised of 265,600 MT old crop and 707,600 MT new crop. That was in line with pre-report estimates of between 800,000 and 1,150,000 MT. Unknown destinations (275,100 MT), Mexico (172,300 MT), Egypt (120,000 MT), and Syria (85,000 MT) took the bulk of the new crop. Physical exports of 1,275,000 MT were pretty robust.