Weekly Export Sales Numbers Disappointing This Morning

Grains were feeling weaker heading into the morning break as dismal export sales pushed prices lower.

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Yesterday’s USDA report did little to change the overall outlook of abundant US and global supplies. The first reporting of new-crop 2017 carry-out did show ending stocks being cut, but at 914 MB of wheat and 2,110 MB of corn, these are still historically high values. Soybean carry-out was smaller than expected at 485 MB vs 555 expected, but it was made possible by a huge 100 MB increase in exports which may be difficult to muster in an environment with massive South American supplies.

今天早上,CONAB撞他们的巴西大豆作物forecast to 113 MMT, up from a previous forecast of 110 MMT. Corn is expected to come in at 92.8 vs a previous estimate of 91.5 MMT. Yesterday, USDA pegged those crops at 111.6 and 96, respectively.

This morning’s weekly export sales report were disappointing as corn saw net cancellations for new-crop delivery and old-crop deals that were a paltry 277,000 MT vs 700-900,000 expected.

Export Sales-

—Kevin McNew