Thursday's USDA export sales report was supportive for wheat and soybean prices, but neutral to slightly negative for the corn market.
USDA pegged new U.S. wheat export sales for the week ended May 31 at 19.2 million bushels, versus trade expectations for 11.5-18 million bushels.
USDA also reported the carryover of 42.9 million bushels of undelivered sales from the 2000-2001 marketing year. As a result, export sales commitments for 2001-2002 are now only 2.5 million bushels behind the year-earlier pace.
Soybean export sales also topped trade expectations at 17.5 million bushels, which included 6.7 million bushels in sales for the upcoming 2001-2002 marketing year.
With 12 weeks remaining in the old-crop marketing year 2000-2001 export commitments are running about 6.3% ahead of a year earlier.
Corn export sales of 36.1 million bushels were up from a week earlier, but were at the low end of trade expectations. South Korean buying was less than expected. Japan was the leading buyer of U.S. corn for the week.
For the marketing year to date, 2000-2001 corn export sales commitments are running 8.7% behind a year earlier.
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.