This morning our markets are starting off quiet, under some slight downside pressure. At 7:30 this morning the USDA released their weekly export sales report and it can be viewed as bearish corn, slightly bearish beans and bullish to wheat. Corn exports were abysmal (again) while soybean exports were strong, but a touch below estimates.
It is important to note that this weekly report is somewhat old news by definition. This report tells us what the US traders sold to other countries last week. For many major players in the market, especially basis traders, these general sales (or lack thereof) are usually known and this report is a non-factor.
It may be more practical to use these official export numbers we get every week as a way to simply tally annual export sales versus projections. For example, right now based on these reports we know that the U.S. is exporting beans at a faster pace than what the USDA is projecting for the crop year. It is also known that we are exporting corn at a much pace than what the USDA shows. Neither of those statements are big shockers but changes to those trends will be watched closely, thanks to the weekly export sales report.
So. Today could/should be a slow day in Chicago, farmer movement is zilch, basis is strong in both corn and beans and it is raining in the Midwest. If the markets bounce back today (like they have been lately) it will be because of the strength in the cash market, aided by lack of farmer selling.
Currently
Corn is down 1 to 3 cents
Soybeans are down 3 to 5 cents
http://www.fccoop.com/markets/information.cfm
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