Nogger's Blog

28/03/13 -- The USDA's weekly export sales report came in in line with expectations for corn and soybeans, and better than anticipated for wheat.

Soybean sales of a combined 674,100 MT were mostly new crop, with only 66,400 MT of that total being old crop. The new crop sales were almost exclusively for China (601,000 MT).

Corn sales of a combined 314,000 MT on the other hand were mostly for old crop (295,100 MT). Japan (133,700 MT, including 28,600 MT switched from unknown destinations) and China (114,200 MT) were the main buyers of the old crop.

Wheat sales of 580,300 MT of old crop and 248,300 MT of new crop beat trade estimates for sales of a combined 3-600 TMT. Recently rumoured business to Brazil (181,500 MT) was amongst the old crop sales, and China (172,000 MT) took a slug of the new crop.

Wheat shipments plus outstanding sales now total 25.29 MMT, meaning that old crop sales need to now average 321 TMT/week to hit the USDA projection for the 2012/13 season. Corn shipments plus outstanding sales are 15.17 MMT, meaning that old crop sales need to now average 319 TMT/week to hit the USDA projection for the 2012/13 season. Soybean shipments plus outstanding sales are 35.67 MMT, less than 1 MMT away from the USDA target for the season, meaning that old crop sales need to only average 40 TMT/week to hit that USDA projection.