Horrible Grain Export Sales Data This Morning
Oct 12, 2012
USDA also released export sales data this morning, all three major US crops below expectations... VERY POOR SALES DATA!!! Corn a complete joke. Below are specifics:
- Corn export sales reported at 14,200. The trade was looking for a number between 300,000 and 450,000. Last week 327,00 was reported.
- Soybeans export sales reported at 523,700. The trade was looking for a number between 700,000 and 900,000. Last week 1.3 million was reported.
- Wheat export sales reported at 279,900. The trade was looking for a number between 300,000 and 500,000. Last week 307,000 was reported.
Asian cancelations (South Korea canceling corn and feed wheat, along with China canceling a cargo of corn) has the trade second guessing yesterday's rally. Thoughts are rationing maybe closer at hand than some have anticipated. I am not on the same page, but the market is definitely giving back a large portion of yesterday's gains. We are simply not going to see big corn export numbers because of the cheap supplies out of South America and Ukraine, that is why the USDA continues to slash US export estimates. We are already anticipating some of the lowest corn export numbers in the past 30 years, so I don't think this is any real surprise. There is some talk this morning that some significant Argentine corn sales may have been made to US buyers, which adds to the Brazilian corn purchases coming into the country.
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