Corn Export Sales Bearish

By Todd Hultman
DTN Lead Analyst

OMAHA (DTN) -- For the week ended June 13, 2019, USDA reported an increase of 1.5 million bushels (38,400 mt) of corn export sales for 2018-19 and an increase of 14.2 mb (360,800 mt) for 2019-20. Last week's export shipments of 25.2 mb were below the 38.4 mb needed each week to achieve USDA's export estimate of 2.200 bb in 2018-19. Corn export commitments now total 1.907 bb in 2018-19 and are down 14% from a year ago. Thursday's report was bearish for corn in 2018-19.

For the week ended June 13, 2019, USDA reported an increase of 21.0 million bushels (571,500 mt) of soybean export sales for 2018-19 and an increase of 7.3 mb (200,000 mt) for 2019-20. Last week's export shipments of 27.1 mb were below the 30.5 mb needed each week to achieve USDA's export estimate of 1.700 bb in 2018-19. Soybean export commitments now total 1.746 bb in 2018-19 and are down 16% from a year ago. Thursday's report was neutral for soybeans in 2018-19.

For the week ended June 13, 2019, USDA reported an increase of 6.9 million bushels (187,600 mt) of wheat export sales for 2019-20 and none for 2020-21. Last week's export shipments of 15.8 mb were below the 16.6 mb needed each week to achieve USDA's export estimate of 900 mb in 2019-20. Wheat export commitments now total 233 mb in 2019-20 and are up 27% from a year ago. Thursday's report was neutral for wheat in 2019-20.

For the week ended June 13, 2019, USDA reported an increase of 0.1 million bushels (2,000 mt) of sorghum export sales for 2018-19 and none for 2019-20. Last week's export shipments of 0.1 mb were below the 3.3 mb needed each week to achieve USDA's export estimate of 85 mb in 2018-19. Sorghum export commitments now total 61 mb in 2018-19 and are down 70% from a year ago. Thursday's report was bearish for sorghum in 2018-19.

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

Follow him on Twitter @ToddHultman1

(CZ)

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