USDA Export Sales

USDA Weekly Export Sales

Analysis 

1,769,600 MT of new crop soybean sales, with China taking 1,056,000 MT in a single week. Current year beans came in at 188K, up from last week’s 54K, with China at 134K and Egypt at 51K doing the buying. Corn printed a marketing year low at 315K, down 61 percent from the four week average, though Japan, Colombia, and South Korea all bought in size behind 453K MT of Unknown cancellations.

Lots of bean forward buying this week, with China locking in over a million tons of new crop (not very routine of them). Corn’s headline looks ugly at 315K but 453K of Unknown reductions are doing almost all of the damage, and the export loadings at 1,588K are only 9 percent below the four week average. The physical corn is moving even if the new sales number is not. Wheat faded to 235K on the sales side but loadings jumped 25 percent above the four week clip at 422K.

Wednesday’s settle has Dec corn at 483.50, pressing into the 52 week high at 486 with RSI at 73. Nov beans at 1201.50 are above all three moving averages with the 20 day at 1165 and RSI at 73, and the 52 week high at 1223 is the next test. Wheat at 677.88 is the one right on the doorstep, sitting a dollar off the 679 52 week high with RSI at 76. A close above 679 in wheat opens the door to a move the market has not seen in a year.