Weekly export sales are dismal.
Weekly corn and soybean export sales reported by USDA on April 26 were toward the low end of trade expectations and did nothing to ease demand worries.
USDA pegged net corn export sales for the week that ended April 19 at 16.1 million bushels, versus trade estimates of 16 million to 27.5 million.
For the marketing year to date, corn export sales commitments are now running nearly 12% behind the year-earlier pace. Sales commitments would now have to average 35 million bushels per week the rest of the marketing year to reach the level needed to reach USDA's export projection.
USDA pegged net weekly soybean sales at 4.9 million bushels, compared with trade expectations for 3 million to 11 million bushels. Weekly shipments of soybeans came in at only 6 million bushels, which was a new low for the marketing year.
Both 2000-2001 soybean export commitments and actual shipments are still running about 8.5% ahead of those from a year earlier, but the market fears further sales cancellations in the face of heavy competition from South American soybeans.
Weekly wheat export sales were pegged at 10.2 million bushels, which was in line with trade expectations, but below the pace needed to hit USDA's export projection.
For the marketing year to date, wheat export sales of 956.9 million bushels are about 1.6% ahead of the year-ago pace. Shipments are running about 1% ahead.
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 .