By Darin Newsom
DTN Senior Analyst
OMAHA (DTN) -- This week's export sales report should be viewed as bearish for wheat, bullish for corn, and neutral for milo and soybeans, according to DTN Senior Analyst Darin Newsom.
Weekly export sales for all wheat showed a total of 4.4 mb (119,400 mt), all for the 2016-2017 marketing year. An additional 199.2 mb (5,420,100 mt) are included in new-crop outstanding sales, including 48 mb (1,297,000 mt) unshipped old-crop sales. Weekly shipment of 4.4 mb (120,700 mt) were reported for the first reporting week of the new marketing year. This week's numbers could be viewed as bearish for wheat, Newsom said.
Weekly export sales of corn showed a total of 66.1 mb (1,679,300 mt) with 61.4 mb (1,558,900 mt) for the 2015-2016 marketing year. This was well above the 2.1 mb (52,600 mt) needed to be on pace with USDA's May demand projection of 1.725 bb. Weekly shipments of 48.9 mb (1,242,200 mt) were above the 45.6 mb (1,157,200 mt) needed in this week's report. This week's numbers could be considered bullish for corn, Newsom said.
Weekly export sales of grain sorghum (milo) showed 4.7 mb (119,600 mt) for the 2015-2016 marketing year. This was above the 2.0 mb (52,000 mt) needed to be on pace with USDA's May demand projection of 315 mb. Weekly shipments of 2.3 mb (59,600 mt) were below the 4.5 mb (114,900 mt) needed in this week's report. This week's numbers could be considered neutral for milo, Newsom said.
Weekly export sales of soybeans showed a total of 45.3 mb (1,234,000 mt) with 27.9 mb (758,500 mt) for the 2015-2016 marketing year. This put total old-crop sales at 1.759 bb, 2% above USDA's May demand projection of 1.740 bb. Weekly shipments of 4.6 mb (125,600 mt) were below the 12.9 mb (352,300 mt) needed in this week's report. This week's numbers could be considered neutral for soybeans, Newsom said.
Darin Newsom can be reached at darin.newsom@dtn.com
Follow Darin Newsom on Twitter @DarinNewsom
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