Export sales report should be viewed as bearish for wheat, corn and milo, and neutral to bullish for soybeans

OMAHA (DTN) -- This week's export sales report should be viewed as bearish for wheat, corn and milo, and neutral to bullish for soybeans, according to DTN Senior Analyst Darin Newsom.Weekly export sales for all wheat showed a total of 9.2 mb (249,200 mt) including a reduction of 0.9 mb (24,200 mt) for the 2016-2017 marketing year. Weekly shipments of 21.9 mb (595,800 mt) were below the 35.6 mb (970,200 mt) needed in this week's report to stay on pace with USDA's revised May projection of 1.035 bb. Outstanding sales dropped to 143.2 mb (3,897,400 mt), due in part to the cancelation of sales, but still 63% larger than the previous year. These numbers could be viewed as bearish for wheat, Newsom said.Weekly export sales of corn showed a total of 8.8 mb (222,600 mt) with 10.9 mb (277,700) sold for the 2016-2017 marketing year. This was above the 10.2 mb (259,100 mt) needed this week to be on pace with USDA's May demand projection of 2.225 bb. Weekly shipments of 28.5 mb (722,900 mt) were well below the 41.9 mb (1,064,000 mt) needed in this week's report. Outstanding sales dropped to 557.4 mb (14,157,400 mt), 7% larger than the previous year. These numbers could be viewed as bearish for corn, Newsom said.Weekly export sales of soybeans showed a total of 16.6 mb (451,400 mt) with 14.0 mb (381,400 mt) for the 2016-2017 marketing year. This raised total sales to 2.097 bb, above USDA's revised May demand projection of 2.050 bb. Weekly shipments of 12.7 mb (346,000 mt) were slightly above the 12.1 mb (328,000 mt) needed in this week's report. Outstanding sales climbed to 252.4 mb (6,869,600 mt), 75% larger than the previous year. These numbers could be viewed as neutral-to-bullish for soybeans, Newsom said.Weekly export sales of grain sorghum (milo) showed a total of 0.1 mb (2,000 mt) for the 2016-2017 marketing year. This was below the 3.2 mb (80,600 mt) needed this week to be on pace with USDA's May demand projection of 225 mb. Weekly shipments of 7.4 mb (187,300 mt) were above the 5.1 mb (128,600 mt) needed in this week's report. Outstanding sales decreased to 26.9 mb (684,500 mt), 7% larger than the previous year. These numbers could be viewed as bearish for milo, Newsom said.