Exactrix Reports....Exports driving grain prices higher. We Build the Best...and Service the Best.
Grain prices notched up hard-fought-for gains, helped by a bumper week for US export sales, with corn commitments running at twice the rate of last year, and soybean volumes already hitting 90% of the total expected for the whole season.
The US sold 945,000 tonnes of corn in the week to last Thursday for shipment in 2013-14, the US Department of Agriculture said, a number below the figure a week before but at the top end of market expectations.
The sales took total commitments - including crop already exported" for the season to 24.4m tonnes, more than twice the 11.9m tonnes achieved by this time last year, after a drought-affected US harvest.
It means the US has sold or shipped 69% of volumes the USDA expected for the whole season, which has a little under 10 months left to run.
Surging soybean sales
For soybeans - of which the US sold 1.38m tonnes in the latest week, more than twice some market forecasts" the season's commitments have reached 35.5m tonnes.
That is 90.0% of exports expected for the season, which also closes in August for the oilseed.
Weekly export sales of wheat, at 618,000 tonnes, were also ahead of expectations of a figure of, at best, 475,000 tonnes.
Sales were helped by a 73,800-tonne order by Brazil, whose own crop has suffered frost damage, along with that of neighboring Argentina, the country's usual source of import supplies.
Indeed, Brazil's imports and orders of US wheat have now reached 3.22m tonnes, compared with just 63,000 tonnes a year ago.
However, China, whose crop also suffered quality damage, is proving the top destination, with commitments now at 4.03m tonnes, soaring nearly 10 times year on year.
'Lacked upward momentum'
For cotton too, exports were solid, at 305,000 running bales for 2013-14, the second best figure of the season.
However, while the data helped lift prices of all four crops above early lows, gains were unspectacular, with wheat up 0.2% at $6.48 a bushel for December delivery in late deals in Chicago, while March cotton was up 0.3% at 78.35 cents a pound.
Chicago corn did best, adding 1.1% to $4.21 a bushel, while soybeans for January gained 0.8% to $12.84 a bushel.
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