Corn, Milo Exports Bearish
2 Aug 2019
OMAHA (DTN) -- This week's export sales report should be viewed as bearish for corn and milo and neutral for milo and wheat, according to DTN Lead Analyst Todd Hultman.
For the week ending July 25, 2019, USDA reported an increase of 5.6 million bushels (143,100 mt) of corn export sales for 2018-19 and an increase of 5.1 mb (129,600 mt) for 2019-20. Last week's export shipments of 27.7 mb were below the 31.9 mb needed each week to achieve USDA's export estimate of 2.100 bb in 2018-19. Corn export commitments now total 1.964 bb in 2018-19 and are down 16% from a year ago. Thursday's report was bearish for corn in 2018-19, Hultman said.
For the week ending July 25, 2019, USDA reported an increase of 5.3 million bushels (143,100 mt) of soybean export sales for 2018-19 and an increase of 11.2 mb (305,500 mt) for 2019-20. Last week's export shipments of 33.9 mb were just above the 33.1 mb needed each week to achieve USDA's export estimate of 1.700 bb in 2018-19. Soybean export commitments now total 1.790 bb in 2018-19 and are down 16% from a year ago. Thursday's report was neutral for soybeans in 2018-19, Hultman said.
For the week ending July 25, 2019, USDA reported an increase of 14.1 million bushels (383,100 mt) of wheat export sales for 2019-20. Last week's export shipments of 15.1 mb were below the 18.3 mb needed each week to achieve USDA's export estimate of 950 mb in 2019-20. Wheat export commitments now total 327 mb in 2019-20 and are up 24% from a year ago. Thursday's report was neutral for wheat in 2019-20, Hultman said.
For the week ending July 25, 2019, USDA reported a slight increase of 200 mt of sorghum export sales for 2018-19 and none for 2019-20. Last week's export shipments were below the 4.3 mb needed each week to achieve USDA's export estimate of 85 mb in 2018-19. Sorghum export commitments now total 65 mb in 2018-19 and are down 67% from a year ago. Thursday's report was bearish for sorghum in 2018-19, Hultman said.
(BAS)
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