(DTN) -- This week's export sales report should be viewed as bullish for wheat, neutral for corn, and bearish for milo and soybeans, according to DTN Analyst Todd Hultman.
Weekly export sales of corn showed a total of 32.0 mb (813,000 mt) with 14.6 mb (369,800 mt) for the 2015-2016 marketing year. This put total old-crop sales at 1.860 bb, 2% above USDA's June demand projection of 1.825 bb. Weekly shipments of 50.0 mb (1,270,500 mt) were below the 53.3 mb (1,354,100 mt) needed in this week's report. Friday's numbers are neutral for corn, Hultman said.
Weekly export sales of soybeans showed a total of 44.9 mb (1,223,000 mt) with 23.4 mb (637,300 mt) for the 2015-2016 marketing year. This put total old-crop sales at 1.885 bb, 7% above USDA's June demand projection of 1.760 bb. Weekly shipments of 7.2 mb (194,600 mt) were below the 16.4 mb (447,000 mt) needed in this week's report. Friday's numbers are bearish for soybeans, Hultman said.
Weekly export sales for all wheat showed a total of 30.3 mb (835,300 mt), with all for the 2016-2017 marketing year. This was above the 12.9 mb (351,200 mt) needed to be on pace with USDA's June demand projection of 900 mb. Weekly shipment of 19.6 mb (533,600 mt) were above the 17.5 mb (475,000 mt) needed in this week's report. Friday's numbers are bullish for wheat, Hultman said.