is part of the Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

  • American Agriculturist
  • Beef Producer
  • Corn and Soybean Digest
  • Dakota Farmer
  • Delta Farm Press
  • Farm Futures
  • Farm Industry news
  • Indiana Prairie Farmer
  • Kansas Farmer
  • Michigan Farmer
  • Missouri Ruralist
  • Nebraska Farmer
  • Ohio Farmer
  • Prairie Farmer
  • Southeast Farm Press
  • Southwest Farm Press
  • The Farmer
  • Wallaces Farmer
  • Western Farm Press
  • Western Farmer Stockman
  • Wisconsin Agriculturist
Wheat Sales Disappoint Wednesday's Bulls

Wheat Sales Disappoint Wednesday's Bulls

Corn and soybeans also head lower despite pick up in business last week.

Disappointing news about wheat exports last week increased profit taking ahead of the pit open on Thursday, sending prices lower across the board.

Corn and soybeans also head lower despite pick up in business last week.

USDA reported total sales at 11.6 million bushels in the week that ended with the March 28 Grain Stocks and Prospective Plantings report. Traders expected almost double that amount, but old crop bookings instead posted a marketing year low of 5.2 million bushels. Egypt, the world's largest importer, which is strapped for cash, took a couple of loads, but the deals were switched from business previously announced to unknown destinations. Old crop shipments also fell well below the rate forecast by USDA for the remainder of the marketing year, which ends May 31.

Wheat prices surged on Wednesday, amid rumors China, and perhaps Russia, too, were actively booking U.S. soft red winter wheat. However, USDA made no new announcements this morning, under its separate program for daily reporting of large purchases.

News about old crop corn and soybean exports was a little better in today's weekly update, suggesting foreign buyers were nervous ahead of last week's USDA reports. Old crop corn sales hit 14 million bushels, and shipments came in at 22.3 million, both well above the rate forecast by USDA for the marketing year. Japan, Mexico and China took multiple loads, though much of that business was switched from unknown destinations.

Decent totals for new crop soybeans were expected going into today's report, because they were previously announced under the daily reporting system. But USDA also said old crop sales hit 14.4 million bushels, well above trade guesses, with China accounting for 5.1 million bushels. Buyers continue to ship out previous purchases due to port congestion in Brazil. Shipments in the latest week totaled 17.4 million bushels, nearly three times the rate projected by USDA for the rest of the marketing year. China took delivery on 9.6 million bushels.

Today's report also included the first data on weekly pork sales, which totaled 106.7 million pounds.

Wheat Sales Disappoint Wednesday's Bulls

Hide comments


  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.