After a weaker start overnight, grains turned higher to end the overnight trading session. Now at the open, corn and soybeans are trading higher as another bullish move appears on the table. Corn and soybean oil specifically are testing contract highs once again, with corn setting a new high. Wheat futures have also turned higher.
Farm and Ranch Director Jesse Allen has the full update: http://lightningstream.com/ajax/GetODFile.ashx?call=MIDWEST&fileid=845
DAILY EXPORT SALES NUMBERS
USDA’s Foreign Agricultural Service (FAS) announced new corn sales: A sale of 1.7 mmt (66.9 million bushels) of corn to China for 2020-21, and a sale of 213,600 mt (8.4 mb) of corn to “unknown” for 2020-21. In the past three days, China has bought 147.1 million bushels of U.S. corn. Another new contract high in corn is the result.
WEEKLY EXPORT SALES NUMBERS
OMAHA (DTN) — This week’s Export Sales report should be viewed as neutral to bullish for corn, bullish for soybeans and milo, and neutral for wheat, according to DTN Lead Analyst Todd Hultman.
For the week ended Jan. 21, 2021, USDA reported an increase of 72.8 million bushels (mb) (1,850,300 metric tons) of corn export sales. Last week’s export shipments of 55.7 mb were slightly below the 56.9 mb needed each week to achieve USDA’s export estimate of 2.550 billion bushels (bb) in 2020-21. Corn export commitments now total 1.916 bb in 2020-21 and are up 126% from a year ago. That is well above USDA’s estimated pace at a time when the overall supply situation for corn is neutral-to-bullish, Hultman said.
For the week ended Jan. 21, 2021, USDA reported an increase of 17.1 mb (466,000 mt) of soybean export sales and an increase of 57.5 mb (1,564,400 mt) for 2021-22. Last week’s export shipments of 80.6 mb were above the 16.8 mb needed each week to achieve USDA’s export estimate of 2.230 bb in 2020-21. Soybean export commitments now total 2.125 bb in 2020-21 and are up 83% from a year ago. That is well above USDA’s estimated pace at a time when the overall supply situation for soybeans is bullish, Hultman said.
For the week ended Jan. 21, 2021, USDA reported an increase of 14.0 mb (380,500 mt) of wheat export sales for 2020-21 and an increase of 7.9 mb (216,000 mt) for 2021-22. Last week’s export shipments of 18.6 mb were below the 20.6 mb needed each week to achieve USDA’s export estimate of 985 mb in 2020-21. Wheat export commitments now total 800 mb in 2020-21 and are up 4% from a year ago. That is above USDA’s estimated pace at a time when the overall supply situation for wheat is neutral, Hultman said.
For the week ended Jan. 21, 2021, USDA reported an increase of 7.3 mb (185,000 mt) of sorghum export sales and an increase of 2.5 mb (63,000 mt) for 2021-22. Last week’s export shipments of 4.7 mb were below the 6.3 mb needed each week to achieve USDA’s export estimate of 290 mb in 2020-21. Sorghum export commitments now total 227 mb in 2020-21 and are up 405% from a year ago. That is far above USDA’s estimated pace at a time when the overall supply situation for sorghum is bullish, Hultman said.
