Export sales are out, and tell an interesting story. Even with the recent wheat rally, we have solid sales and shipments. Corn sales and shipments are on the upswing, with nearly 800K metric tons of new sales. That's a solid number, not off the top, but solid and repeatable. 700K of new bean sales and 1.3 mil of ships is getting us ahead on my balance sheet enough that the USDA will have to recognize the drawdown of stocks sooner or later. 375K of new meal sales(marketing year high) help the bean demand pull as well. Even cotton put up some big numbers. The only real weak spot was rice, unfortunately as expected. We are just pricing ourselves out of the export market and are moving to the hand to mouth trade earlier than usual in a tight supply market. New sales 29K(marketing year low) and 13K of shipments can take the steam out of the cash market, if not the fund driven CBOT, although at some point the next sucker will be nowhere to be found and that will adjust as well.
Comments are closed.