Soybean, Wheat Export Sales Very Slow
USDA on Thursday (4/4) reported that export sales of US wheat and soybeans were slower than expected for the week ended March 28, while corn sales were slightly above expectations.
USDA reported net soybean export sales of only 3 million bushels for the week, versus trade expectations for 5.5-11 million bushels. The low sales total is clear evidence that South American soybeans are now dominating the world market.
For the marketing year to date, U.S. soybean export sales commitments are still 3.6% ahead of a year ago, with actual shipments up 6.4%.
Weekly wheat export sales were pegged by USDA at only 8 million bushels, versus trade expectations of 11-16.5 million.
For the marketing year to date, U.S. wheat sales commitments are now 6.8% below a year earlier, while actual export shipments are down 6.5%. Weekly wheat shipments were just 12.7 million bushels.
Corn export sales for the week ended Mar. 28 came in at 37.7 million bushels, versus trade expectations for 23.5-33.5 million.
For the marketing year to date, corn export sales commitments are running nearly even with a year earlier, while actual export shipments are now down just 2%. Weekly corn export shipments were strong at 49.6 million bushels.
Editors note: Richard Brock, Soybean Digest's Marketing Editor, is president of Brock Associates, a farm market advisory firm, and publisher of The Brock Report.
To see more market perspectives, visit Brock's Web site at www.brockreport.com.