USDA Weekly Export Sales

23/05/13 -- The USDA reported a pretty robust set of weekly export sales today, here's the highlights:


Sales of 183,500 MT of old crop and 838,900 MT of new crop topped expectations for combined sales of 400-800 TMT. Actual weekly shipments were however a marketing year low of 100,800 MT. The US has now shipped 34.6 MMT of soybeans this season, with outstanding sales of a further 2 MMT versus the USDA projection for the entire marketing year total of 36.74 MMT. That makes existing commitments 99.6% of the USDA target.


Corn sales came in at 104,600 MT of old crop and 341,600 MT of new crop versus expectations of a net 200-500 TMT combined. Shipments this week were 270,000 MT. Total 2012/13 shipments now total 13.3 MMT with a further 3.9 MMT of sales outstanding versus the USDA projection of 19.5 MMT for the season. Existing commitments are therefore 88% of the USDA target.


Wheat sales of 239,400 MT of old crop and 713,600 MT of new crop beat trade forecasts for a combined 400-700 TMT. Shipments were 441,700 MT. Total 2012/13 wheat shipments are now 25.0 MMT with a further 2.1 MMT outstanding with only two weeks reporting left to go. Existing commitments stand at 97% of the USDA target, so it looks unlikely that the latter will be met as sales of 900 TMT of old crop need to be made between now and the end of the month, all of which has to be shipped, along with the 2.1 MMT of outstanding sales.