USDA Weekly Export Sales

Posted by Nogger - a legend in his own mind at 14:29 | Categorized as

11/04/13 -- The USDA's weekly export sales report showed soybeans sales below expectations, wheat sales at the low end of trade ideas and corn sales at the upper end of market forecasts.

Soybean sales of a combined 383,700 MT fell short of trade expectations of 5-800 TMT, although most of these (319,200 MT) were for already tight old crop. Total US commitments are now 99% of the USDA's upwardly revised target of 36.74 MMT worth of exports this season.

For corn, sales of a combined 476 TMT were at the top end of the 250-500 TMT estimated by the trade, with 185,200 MT of that old crop. China were confirmed as a buyer of one cargo of new crop, with "unknown" taking 233,000 MT.

For wheat, combined marketing year sales of 339,500 MT were at the low end of trade ideas of 3-600 TMT. Old crop sales were 263,500 MT but now need to average 467 TMT/week to hit the USDA target for the season (and that assumes that everything sold for 2012/13 will get shipped in 2012/13). Neither of those look very unlikely at this stage.

The new crop wheat sales only included 7,000 MT to China, although separately the USDA have confirmed the sale of 360 TMT of US SRW wheat to the Chinese this afternoon.