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While we have not really gone anywhere just yet, the level of excitement in corn and wheat has stepped up a notch, and the two markets appear to be taking turns as to who will be the leader. This morning it is wheat’ turn. Of course, if markets did not become a bit more exciting as we move into the risk months, it would be a sad situation indeed.
I must say though, any excitement that may have returned to wheat has not been due to export business. For the week ending May 10th, we sold just 63,100 MT or 2.32 million bushels. For the glass half full crowd, you could hang on the fact that this was a 79% increase over last week, but for the glass half empty group, we were still 50% below the 4-week average. Top sales were made to Yemen with 52.7k MT, the Philippines at 52k and Iraq for 50.5k. We just have three weeks left in the marketing year and with sales now at 867.2 million bushels; we are at 94% of the target. We did sell 131,700 MT or 4.84 million bushels of the 2018/19 crop year. Corn sales registered a nice bounce higher coming in at 985,700 MT or 38.81 million bushels. This was 42% above last week and 15% higher than the 4-week average. Top purchasers were Japan with 401.5k MT, followed by Colombia with 122.5k and Vietnam purchasing 120.6k. This brings marketing YTD sales up to 2.071 billion or 93% of the projected 2.225 billion. There are 16-weeks left in the marketing year. Soybean sales were not too stellar though coming through at just 281,900 MT or 10.36 million bushels. Top sales went to the Netherlands with 127.9k MT followed by Egypt with 97.k and then Mexico at 85.6k. This takes us to total sales of the year of 2.0359 billion bushels or 98.5% of the USDA target. This morning in the daily system, the USDA did report a sale of 132k MT to unknown destinations. Do note that meal sales rebounded very well with 376k MT sold versus last week at just 90.9k but oil sales slipped back to just 10.2k versus 45.4k last week.
The Chinese National Grain Trade Center reported that they sold 1.426 MMT of 2014 and 2015 vintage corn at action today. This was 80.5% of the total offered. Demand for wheat remains stagnant though as only 500 MT was sold representing .02% of the total offered.
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