Exports Support Grain Prices....
Nov 21, 2013
USDA weekly export sales were released this morning and were well ABOVE expectations for corn, beans and wheat.
- Corn exports reported at 945,100 metric tons for 2013-14 and 37,600 metric tons for 2014-15 The trade was looking for a number between 750,000 and 950,000. Last week 1.202 million was reported.
- Soy exports reported at 1.3764 million metric tons. The trade was looking for a number between 750,000 and 950,000. Last week 848,500 was reported.
- Wheat exports reported at 618,000 metric tons. The trade was looking for a number between 375,000 and 475,000. Last week 287,900 was reported.
As for today I suspect stronger than anticipated export sales will help put a little wind behind our sails and provide us a slight bounce. My fear however in both corn and wheat is that could be only temporary, therefore keep hedges in place. Soybeans on the other hand should eventually be able to find enough traction to pull themselves back to higher ground. Remain patient in regard to "cash-sales" in any market at this juncture. Click here for all my market comments..