Weekly Sales on Par with Expectation

Published on: 13:46PM Apr 18, 2019

Weekly Sales on Par With Expectations

 

  • USDA’s weekly export sales tally sheet this morning showed volumes inline to slightly higher than expectations.  
  • CIF corn values from the U.S. into key Asian markets are still tracking above CIF delivered values from South America, making it challenging for the U.S. to see sizable export business. For beans, Argentina has normalized their bean crop after last year’s drought loss which has led to more competition. At this stage, buyers of U.S. beans are limited to Japan, South Korea and Mexico which doesn’t move the needle much for U.S. sales volumes.

Export Sales Table

     

Week of Mar 7

Actual

Estimated

Last Week

Wheat-OC

317.7

200-400

273.0

Wheat-NC

227.8

150-300

201.4

Corn-OC

947.6

500-850

548.0

Corn-NC

18.4

0-100

120.0

Soybeans-OC

382.1

350-800

270.4

Soybeans-NC

21.1

0-50

10.0

Soymeal-OC

295.4

125-325

152.1


 

What It Means For The U.S. Farmer: Well supplied world competitors and a strong U.S. dollar continue to be significant impediments for the U.S. grain export program. In turn, that makes price rallies few and far between as U.S. values can’t disconnect from world values.                                            

Summer Weather Outlook Mixed

  • U.S. weather forecaster CPC put out their May-July weather outlook this morning. Temperatures are pegged to be higher than normal in the ECB but the Plains amd WCB are likely on par with normal (left map). Meanwhile precipitation (right map) should continue to be above normal

 

What It Means For The U.S. Farmer: Hints of a drought are hard to find this season, so it will be a challenge for the market to get excited about too wet conditions this growing season.

 

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