U.S. Export Sales Recap

Reminder to Participate inFBN’s Acreage Poll

• To complete the acreage poll, clickhere.
• Thank you to those members who already have completed the poll.
• There are several reasons why participation is encouraged.
• First, USDA’s March Prospective Plantings report will be one of the most closely watched reports released by USDA in years.
• That means there could be big swings in futures values.
• Second, Our 20,000 FBN farmers are in a unique position to share their acreage intentions for their own benefit, which is a key tenant ofFBN’s mission - helping farmers; we want to use your data to benefit you.
• Finally, results will be provided March 19 in a formal report, several days prior to USDA’s report, giving you time to make pricing decisions.
• The report will include guidance on any marketing strategies based on the results of the poll as well as our opinions on fundamentals.

FBN’sTake On What It Means:We encourage all members to participate. This will give FBN key insights ahead of USDA’s report on March 31, which likely will be market moving. In essence, the more participation we have the better our results will be and the better positioned you can be ahead of March 31.

US Export Sales Recap for the Week Ending March 4

• Sales were overall within expectations with no total being a big surprise.
• Old-crop corn sales were around 16 million with new crop sales at 11 million.
• Old-crop corn sales imply a higher export volume than USDA’s current total but we are a bit tight on supplies and have lost our competitive edge.
• Soybean sales were a combined 21 million bushels, with 13 million for old crop and 8 million for new.
• Like corn, the export sales pace to date suggests a larger export total than USDA’s current projection, but also like corn, we have lost our competitive edge and Brazil’s harvest is here.
• Wheat sales were 12 million bushels; USDA’s latest cut to HRW exports for this crop year is not encouraging but white wheat and HRS sales are solid.
• China was in for sorghum, buying a cargo of old crop and new crop.

FBN’sTake OnWhat It Means:Weekly export sales were not a drag to the market but also did not bring forward any surprise demand. China’s buying has slowed, which is not too surprising given the seasonality and our lack of holding the competitive edge for now. But, ASF concerns are becoming more widespread. We continue to struggle on the wheat side given the list of competitors.

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