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Corn, Soy, Wheat Export Sales Bearish

DATE: 12/08/2017

By Darin Newsom
DTN Senior Analyst

OMAHA (DTN) -- This week's export sales report should be viewed as bearish for wheat, corn and soybeans, and bullish for milo, according to DTN Senior Analyst Darin Newsom.

Weekly export sales for all wheat showed a total of 11.9 mb (323,000 mt) with 11.8 mb (321,400 mt) for the 2017-2018 marketing year. This puts total marketing year sales at 642.5 mb, 10% below the previous marketing year. Weekly shipments of 14.6 mb (396,400 mt) put the marketing year total at 442.2 mb, 8% below the previous year. The total numbers could be viewed as bearish for wheat, Newsom said.

Weekly export sales of corn showed a total of 34.5 mb (876,400 mt) with all for the 2017-2018 marketing year. This put total marketing year sales at 901.5 mb, 27% less than the previous marketing year. Weekly export shipments of 23.3 mb (592,300 mt) put total marketing year shipments at 318.4 mb, 38% less than the previous year. The total numbers could be viewed as increasingly bearish for corn, Newsom said.

Weekly export sales of soybeans showed a total of 76.7 mb (2,086,200 mt) with 74.1 mb (2,015,800 mt) for the 2017-2018 marketing year. This put total marketing year sales at 1.335 bb, 16% less than the previous marketing year. Weekly export shipments of 74.2 mb (2,018,100 mt) put total marketing year shipments at 846.6 mb, 11% below what was reported the previous year. The total numbers could be viewed as decreasingly bearish for soybeans, Newsom said.

Weekly export sales of grain sorghum (milo) showed a total of 16 mb (406,600 mt) with all for the 2017-2018 marketing year. This put total marketing year sales at 128.6 mb, 23% more the previous marketing year. Weekly export shipments of 10.1 mb (257,600 mt) put total marketing year shipments at 48.8 mb, 26% above what was reported the previous year. The total numbers could be viewed as bullish for milo, Newsom said.

Darin Newsom can be reached at darin.newsom@dtn.com

Follow Darin Newsom on Twitter @DarinNewsom

(BAS)

Futures

Previous Open High Low Last Change Close
CORN 340'0 340'0 340'0 338'6 338'6 -1'2
CORN 352'6 352'0 352'2 350'6 350'6 -2'0
CORN 361'0 360'2 360'4 359'2 359'2 -1'6
SOYBEANS 989'6 989'0 989'0 982'2 982'6 -7'0
SOYBEANS 1001'4 1000'6 1001'0 994'0 994'4 -7'0
SOYBEANS 1012'2 1012'0 1012'0 1005'0 1005'0 -7'2
WHEAT 394'2 395'4 395'4 391'4 392'0 -2'2 392'0
WHEAT 419'0 418'0 418'6 413'4 414'6 -4'2
LIVE CATTLE 115.625 115.850 116.225 115.325 115.575 -0.050 115.575
LIVE CATTLE 118.675 118.900 119.150 118.125 118.300 -0.375 118.300
LEAN HOGS 63.575 63.800 64.100 63.550 63.675 0.100 63.675
LEAN HOGS 68.475 68.425 68.925 67.850 68.850 0.375 68.850
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