U.S. Exports Sales Report: Soybeans Riding the Bull; Wheat, Corn Neutral – DTN

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This week’s export sales report should be viewed as bullish for soybeans, neutral for wheat and corn, and bearish for milo, according to DTN Analyst Todd Hultman.  

WHEAT

Weekly export sales for all wheat showed a total of 20.1 mb (546,900 mt) with 15.5 mb (421,600 mt) for the 2016-2017 marketing year. This was above the 5.7 mb (154,100 mt) needed this week to be on pace with USDA’s April demand projection of 1.025 bb. Weekly shipments of 23.3 mb (634,300 mt) were below the 29.2 mb (794,600 mt) needed in this week’s report. Outstanding sales totaled 211.6 mb (5,759,600 mt), 91% larger than the previous year. These numbers could be viewed as neutral for wheat, Hultman said.

CORN

Weekly export sales of corn showed a total of 31.0 mb (788,000 mt) with 29.1 mb (738,000) for the 2016-2017 marketing year. This was above the 14.9 mb (378,900 mt) needed this week to be on pace with USDA’s April demand projection of 2.225 bb. Weekly shipments of 42.4 mb (1,076,300 mt) were below the 45.7 mb (1,161,500 mt) needed in this week’s report. Outstanding sales totaled 633.7 mb (16,095,500 mt), 26% larger than the previous year. These numbers could be viewed as neutral for corn, Hultman said.

SOYBEANS

Weekly export sales of soybeans showed a total of 19.4 mb (527,000 mt) with 14.8 mb (402,300 mt) for the 2016-2017 marketing year. Total sales (including outstanding) are now 2.039 bb, above USDA’s April demand projection of 2.025 bb. Weekly shipments of 29.6 mb (805,600 mt) were more than double the 13.5 mb (367,300 mt) needed in this week’s report. Outstanding sales total 270.1 mb (7,350,100 mt), 116% larger than the previous year. These numbers could be viewed as bullish for soybeans, Hultman said.

GRAIN SORGHUM

Weekly export sales of grain sorghum (milo) showed a total of 3.0 mb (75,000 mt) for the 2016-2017 marketing year. This was below the 3.3 mb (83,400 mt) needed this week to be on pace with USDA’s April demand projection of 225 mb. Weekly shipments of 3.9 mb (97,800 mt) were below the 5.0 mb (127,000 mt) needed in this week’s report. Outstanding sales totaled 35.2 mb (893,800 mt), 7% larger than the previous year. These numbers could be viewed as bearish for milo, Hultman said.

Todd Hultman can be reached at todd.hultman@dtn.com

Follow Todd Hultman on Twitter @ToddHultman1




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