Grain Export Sales Mixed
Wheat Exports Bearish; Corn, Soy Exports Neutral to Bearish
OMAHA (DTN) -- This week's export sales report should be viewed as bearish for wheat, neutral to bearish for corn and soybeans and bullish for milo, according to DTN Senior Analyst Darin Newsom.
Weekly export sales for all wheat showed a total of 21.2 mb (577,900 mt) with 10.9 mb (297,200 mt) for the 2017-2018 marketing year. This puts total marketing year sales at 855 mb, 16% below the previous marketing year. Weekly shipments of 21.6 mb (588,400 mt) put the marketing year total at 748.4 mb, 11% below the previous year. The total numbers could be viewed as bearish for wheat, Newsom said.
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Weekly export sales of corn showed a total of 24.4 mb (620,500 mt) including cancelations of 3.0 mb (76,600 mt) for the 2018-2019 marketing year. This put total marketing year sales at 1.968 bb, 9% less than the previous marketing year. Weekly export shipments of 67 mb (1,701,000 mt) put total marketing year shipments at 1.159 bb, 26% less than the previous year. The total shipment number could be viewed as neutral-to-bearish for corn, Newsom said.
Weekly export sales of soybeans showed a total of 19.8 mb (537,800 mt) with 13.6 mb (371,300 mt) for the 2017-2018 marketing year. This put total marketing year sales at 1.999 bb, 3% less than the previous marketing year. Weekly export shipments of 16.4 mb (446,100 mt) put total marketing year shipments at 1.574 bb, 13% below what was reported the previous year. The total numbers could be viewed as neutral-to-bearish for soybeans, Newsom said.
Weekly export sales of grain sorghum (milo) showed a total of 1.2 mb (31,500 mt) with all for the 2017-2018 marketing year. This put total marketing year sales at 206.7 mb, 26% more than the previous marketing year. Weekly export shipments of 4.9 mb (125,400 mt) put total marketing year shipments at 180.5 mb, 39% above what was reported the previous year. The total numbers could be viewed as bullish for milo, Newsom said.
Darin Newsom can be reached at darin.newsom@dtn.com
Follow Darin Newsom on Twitter @DarinNewsom
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