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Corn Exports Bullish

By Todd Hultman
DTN Lead Analyst

OMAHA (DTN) — This week’s export sales report should be viewed as bullish for corn and bearish for soybeans, wheat and milo, according to DTN Lead Analyst Todd Hultman.

For the week ended on Dec. 27, USDA reported 19.8 million bushels (mb) (503,100 metric tons) of corn export sales for 2018-19 and none for 2019-20. Total commitments of 1.253 billion bushels (bb) in 2018-19 are up 19% from a year ago. Weekly export shipments of 39.6 mb put total corn shipments up 75% from a year ago. In spite of lower weekly sales, Thursday’s report remained bullish for corn in 2018-19, Hultman said.

For the same week, USDA reported 38.6 mb (1,051,500 mt) of weekly soybean export sales for 2018-19 and 0.2 mb (5,300 mt) for 2019-20. Total commitments of 1.138 bb in 2018-19 are down 24% from a year ago. Weekly export shipments of 33.8 mb put total shipments down 40% from a year ago. Thursday’s report remained bearish for soybeans in 2018-19, Hultman said.

Weekly export sales for all wheat totaled 21.8 mb (593,000 mt) for 2018-19. Total commitments of 653 mb in 2018-19 are down 9% from a year ago. Weekly wheat shipments of 15.9 mb put total shipments down 11% in 2018-19 from the previous year. Sales were up from the previous week, but Thursday’s report remained bearish for wheat in 2018-19, Hultman said.

USDA reported 0.4 mb (8,900 mt) of weekly export sales of grain sorghum (milo) for 2018-19. Total commitments of 18.3 mb are down 89% from a year ago. 400,000 bushels of weekly export shipments put total shipments down 82% from a year ago. Thursday’s report remained bearish for sorghum, Hultman said.

Todd Hultman can be reached at todd.hultman@dtn.com

Follow him on Twitter @ToddHultman

(BAS)

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