Another Higher Day for the Grains
After a quiet day of trading Wednesday we had more price action today. We started firming up at the end of the overnight session and than the Export Sales Report was released by the USDA. They were big numbers. Corn Export Sales were 1.518 MMT for old crop and 164,500 MT for new crop. This was far above trade expectations. Even with the price rally we apparently have not decreased demand. Soybean exports had a big number too, 772,700 of old crop beans and 256,700 for new crop. Even though we continue to hear about massive China cancelations for old crop beans, China was again the lead buyer with 1.138 MMT of the total. Certainly the problems South America is having with rains delaying harvest, the backlog of ships waiting to load at the ports and the economic turmoil in Argentina are all helping keep the business coming to the United States. It’s going to be interesting to see what the USDA comes up with next Monday with the March Supply Demand Report!