USDA Export Sales for the week of April 19-25 were released this morning and were at or above trade expectations for all three major grains.
Wheat sales for the week ending April 25th exceeded expectations of 300,000-500,000 metric ton coming in at 716,500 metric ton. Of this number, 219,200 metric ton was old crop wheat with the remaining 497,300 metric ton tied to the 2013/2014 production. The 2012 crop year for wheat ends May 30th.
Corn sales come in at the top end of average trade estimates at 985,300 metric ton versus expectations for 800,000-1,000,000 metric ton. This number was also tilted toward new crop sales as 656,000 metric ton were booked under the 2013/2014 crop year. The remaining 329,300 metric ton are scheduled for shipment in the next four months.
Soybean sales for the week ending April 25th were strong at 1,231,300 metric ton, well above the expected range of 600,000 to 900,000 metric ton and supported entirely by new crop sales. Of special note is old crop sales net cancellations of 109,800 metric ton (around 4.0 mbu). Total committments for 2012 crop stand at 1.33 bbu, up 7% from last year. New crop sales totaled 1,341,100 metric ton with 1.15 mmt of the total sales going to China. The 2013 marketing year for soybeans begins September 1. Soybean meal sales totaled 148,900 metric ton, just below the average trade estimate.