October 23rd, 2015
Grain Marketing Specialist
Markets were under pressure yesterday because of bearish export sales news in wheat and corn, a higher dollar, and non commercial liquidation in soybeans.
Corn export sales, yesterday, were at 9.8 million bushels. Total sales for the 2015-2016 year are at 467.7 million bushels. 35% behind last year’s export sales for this time last year. Traders are watching to see if this week’s precipitation will slow down harvest.
Soybean export sales, yesterday, were at 74.7 million bushels. Total sales for2015-2016 year are at 933 million bushels. This is 22% behind last year at this time. China’s stock market is higher, so that is helping support soybeans as we hold around $9 futures. Rallies depend on China’s demand and South American weather.
Wheat: 1 higher
Weekly export numbers, yesterday, were at 13.2 million bushels. Total sales for the 2015-2016 year are at 448 million bushels. This is 17% behind last year at this time. Reuters reported that some Asian flour mills bought US wheat. It said Thailand bought 125,000 metric tons for December shipment. The Philippines took 60,000 metric tons for January/February delivery. Malaysian buyers took 40,000 metric tons for December.