USDA Export Sales Report: Where Are All The Cancellations Than?

The USDA's weekly export sales report said that 700,600 MT of old crop soybeans were sold in the week ending May 14th and a further 667,000 MT of new crop. That comes in considerably higher than trade expectations of combined sales of 650-800,000 MT and should add some underlying support this afternoon. Early calls had been for beans to open 9-12 cents lower in line with the overnight theme, and ahead of a three-day weekend some profit-taking and book-squaring was expected.

There was undoubtedly a lot of interest in this report as the USDA's website crashed, delaying the issue of the figures. Old crop sales were up 74 percent from the previous week and 12 percent from the prior 4-week average. Increases were primarily for China (192,600 MT), Egypt (161,900 MT), and unknown destinations (128,000 MT).

New crop sales were were mainly for unknown destinations (293,500 MT), China (236,000 MT), and the United Kingdom (60,000 MT).

Where are all the cancellations? Good question, actual exports were 413,500 MT with 190,300 MT of that setting sail for China.

Corn sales came in in line with expectations at 683,000 MT old crop and 138,600 MT new crop. Wheat sales were better than expected for once at 20,200 MT old crop and 543,300 MT new crop, compared to pre-report suggestions of 300-400,000 MT combined.