Corn export sales up from last week at 372 thousand tons, but that’s still a very small number.
Overall corn exports continue to hint that USDA will be lowering its export forecast in next weeks crop report.
If lower yields don’t offset the lower exports it is possible that corn ending stocks could increase in next weeks report.
Wheat came in at a marketing year low of 4.6 million bushels, in fact the lowest number we’ve seen over the last 6 years.
The good news is our wheat inspections were good in late July-September, therefore year to date inspections is only down .5% versus USDA down 3.1%.
Soybeans had a tremendous increase over the last few weeks.
Last week soybeans were at 106.1 million bushels which is near record large.
Half of them coming out of the gulf and the other half out of the pacific northwest.
Corn exports remain disappointing at 18.5 million bushels which is below last year and well below the 45 needed to reach the USDA export forecast.
Year to date is down 21.5% versus the USDA expectation of 13%.
Wheat exports down form last week at 24 million bushels but still a good level and well above the level needed to reach the USDA export forecast.
Soybeans improved nicely but they are still well below the year ago level.
Last year we had over 60 million bushels exported, last week just 35 million bushels.
We need to see soybean inspections advancing dramatically over the next few weeks if we are going to reach the USDA export forecast.
Wheat was good, up from last week at 24 million bushels and above the level need to reach the USDA export forecast.
After about 15 weeks its very close to USDA’s projection.
Soybeans also show improvement from last week up to 21 million bushels but well below last year and the level needed.
Soybean exports need to ramp up dramatically over the next few weeks to keep us on track to hit USDA target.