U.S. Export Sales Report for Week Ending September 16
Corn sales of 14.7 million bushels came in at the lower end of expectations; the main buyers were Canada and Mexico.
Thursday saw a flash sale of 5.4 million bushels of corn to Guatemala.
Soybeans came in at the upper end of expectations with sales of 33.2 million bushels, the majority set for China.
Wheat fell off 42% from last week’s strong numbers with sales of 13.1 million bushels, with most headed for the Philippines, Mexico, and Japan.
Sorghum saw sales of 4.9 million bushels, with almost all of it bought by China.
Cotton continued its strong run with 345,400 running bales; the majority of it headed to China.
FBN’s Take On What It Means: The export sales report was largely uneventful with most numbers falling within the trade estimates. Numbers are still off from where they were before Hurricane Ida, but corn, soybean, and cotton sales are continuing their strong marketing years. However, exports are still running far behind last year’s numbers. Many terminals are nearing normal operations, and next week’s report should further reflect this.
IGC Raises Global Corn Production
The agency raised its global corn production forecast to a record 47.6 billion bushels.
That was up 275.5 million bushels from the previous forecast.
The agency boosted the US corn crop and also raised Ukraine’s crop.
But, wheat production was lowered by 36.7 million bushels to 28.7 billion.
Cuts to the Canadian and EU wheat crops were partially offset by higher crop outlooks for Australia and Ukraine.
Attention is switching to the Southern Hemisphere where planting season for corn and beans is beginning and wheat is developing.
FBN’s Take On What It Means: The updated outlook from IGC is not necessarily bearish but does underscore the solid growing season Ukraine had for wheat and corn. China will be a key buyer of Ukraine’s corn crop. We still see prices remaining overall supported in the near term.
FBN Market Advisory services are offered by FBN BR LLC, dba FBN Brokerage, FBN BR and FBN Market Advisory (NFA ID: 0508695)
The risk of trading futures and options can be substantial and may not be suitable for all investors. Past performance is not necessarily indicative of future results.
This is not an offer or solicitation in any jurisdiction where we are not authorized to do business or where such offer or solicitation would be contrary to the local laws and regulations of that jurisdiction, including, but not limited to, persons residing in Australia and Canada.
