Most Export Sales Bearish

OMAHA (DTN) — This week’s export sales report should be viewed as neutral for corn, and bearish for soybeans, wheat and milo, according to DTN Lead Analyst Todd Hultman.

For the week ended May 2, 2019, USDA reported an increase of 11.3 million bushels (mb) (287,600 metric tons) of corn export sales for 2018-19 and an increase of 0.3 mb (6,900 mt) for 2019-20. Last week’s export shipments of 45.4 mb were below the 46.3 mb needed each week to achieve USDA’s export estimate of 2.300 billion bushel (bb) in 2018-19. Corn export commitments now total 1.824 bb in 2018-19 and are down 10% from a year ago. Thursday’s report was neutral for corn in 2018-19, Hultman said.

For the week ended May 2, 2019, USDA reported a net cancellation of 5.5 million bushels (149,100 mt) of soybean export sales for 2018-19 and an increase of 10.9 mb (295,600 mt) for 2019-20. Last week’s export shipments of 22.3 mb were below the 36.6 mb needed each week to achieve USDA’s export estimate of 1.875 bb in 2018-19. Soybean export commitments now total 1.653 bb in 2018-19 and are down 18% from a year ago. Thursday’s report was bearish for soybeans in 2018-19, Hultman said.

For the week ended May 2, 2019, USDA reported an increase of 3.3 million bushels (90,600 mt) of wheat export sales for 2018-19 and an increase of 15.1 mb (412,300 mt) for 2019-20. Last week’s export shipments of 24.4 mb were below the 29.5 mb needed each week to achieve USDA’s export estimate of 945 mb in 2018-19. Wheat export commitments now total 939 mb in 2018-19 and are up 9% from a year ago. Thursday’s report was bearish for wheat in 2018-19, Hultman said.

For the week ended May 2, 2019, USDA reported an increase of 2.2 million bushels (54,900 mt) of sorghum export sales for 2018-19 and none for 2019-20. Last week’s export shipments of 0.4 mb were below the 2.7 mb needed each week to achieve USDA’s export estimate of 85 mb in 2018-19. Sorghum export commitments now total 62 mb in 2018-19 and are down 70% from a year ago. Thursday’s report was bearish for sorghum in 2018-19, Hultman said.

Todd Hultman can be reached at todd.hultman@dtn.com

Follow him on Twitter @ToddHultman

(BAS)

Check Also

EDH FYI

With Ohio’s deer archery season beginning Sept. 26, it’s important to realize that Epizootic Hemorrhagic …

Leave a Reply

Your email address will not be published. Required fields are marked *