Corn Export Sales Surge
Thursday morning's USDA weekly export sales showed that U.S. corn sales surged during the week ended Aug. 8, easily surpassing trade expectations. Weekly wheat and soybean sales also topped trade expectations.
USDA reported total weekly corn sales of 51 million bu, versus trade expectations of 25.5-33 million bu. That included a net 31.8 million bushels in sales for 2001-2002 and 19.2 million bu in advance sales for 2002-2003.
With just over three weeks left the marketing year, corn export sales commitments remained about 1.1% behind a year earlier.
But actual 2001-2002 corn shipments were about 2.3% ahead of a year earlier. Actual weekly shipments also rose to 44.6 million bu, up from 29.8 million a week earlier.
USDA reported net wheat export sales for the week ended Aug. 8 of 23.3 million bu, versus trade expectations for only 9-16.5 million.
U.S. wheat export sales commitments for 2002-2003 to date were running about 3.6% behind a year earlier. Actual weekly export shipments of 17.8 million bu pushed shipments for the marketing year to date about 7.3% ahead of a year earlier.
USDA reported total weekly soybean export sales of 18.6 million bu, versus trade expectations of only 7-13 million bu. The majority of the new sales -- 16.4 million bu were for 2002-2003.
For 2001-2002 to date, soybean export sales commitments pushed above 1.107 billion bushels --7.2% above a year earlier. Advance commitments for 2002-2003 have topped 90 million bu.
Actual weekly soybean shipments remained strong for this point in the marketing year at 12.9 million bu. Shipments for the marketing year to date topped 1.066 billion bu, an increase of 9.2% over 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.