US Wheat Export Sales Very Poor

These rampant bulls need feeding every day, and today's weekly export sales report from the USDA might have a few testing their divine belief in the courage of their own convictions this afternoon.

Expectations for wheat sales of 700,000MT-1.4 MMT took a severe dent with sales of only 484,600 MT for the 2010/11 marketing year and negative sales of 165,000 MT for marketing year 2011/12, bring the combined total to not much more than 300,000 MT.

Featuring loudly in today's report were cancellations to Egypt of 263,700 MT for 2010/11 and a further 110,000 MT for 2011/12.

Net corn sales of 584,200 MT were also disappointing and at the low end of expectations, they were down 88 percent from the previous week.

Soybean sales of 668,600 MT were also down 73 percent from the previous week.