Compared to last week, cash bids for corn and wheat were mixed, while sorghum and soybeans were lower. Harvest season in the Midwest is just weeks away and with it accurate yield data. This will help determine crop size so trade can adjust bids accordingly. For the first time in two months the United States and China have agreed to sit down and talk about recent trade issues. Chinese authorities were quick to claim they do not expect any resolution to come from this meeting, but the simple fact both sides have agreed to talk is positive. USDA said last week’s export sales of corn totaled 13.3 million bushels (mb) for old-crop and 41.1 mb for new-crop. Total old-crop corn shipments are up 1 percent from a year ago, but are not likely to reach USDA’s 2.400 billion bushel (bb) export estimate. New-crop corn sales on the other hand, are off to a strong start, up 54 percent from a year ago with the new season yet to begin. Last week’s export sales totaled 4.9 mb for old-crop and 21.0 mb for new-crop soybeans. Old-crop soybean shipments are down 4 percent from a year ago, slightly under USDA’s estimated export pace. New-crop export sales are up 45 percent from this time a year ago. Total U.S. wheat shipments in 2018-19 are still in a hole, down 36 percent from a year ago, but are expected to increase, thanks to this year’s smaller world production. Wheat sales were a solid 29.5 million bu. Wheat was from 23 1/2 cents lower to 3 cents higher. Corn was from 11 cents lower to 9 cents higher. Sorghum was 6 to 7 cents lower. Soybeans were 4 to 12 cents lower.
Source: USDA-MO Dept of Ag Market News Service, St. Joseph, Mo.