Corn exports remained slow in the latest week, but wheat and soybean sales are also showing signs of tapering off, according to this morning's weekly summary from USDA.
Net new bookings for corn totaled just 14.1 million bushels, just half the rated needed to meet USDA forecast for the marketing year and below trade guesses. Shipments also remain slow, running behind the average pace for the first quarter of the marketing year.
Slow Asian buying this fall is also limiting new wheat sales, though the strong start to the season in the summer is keeping USDA's goal for the marketing year well in tact. Both sales and shipments are running well ahead of the government's forecast, despite the recent slowdown. Sales could start to pick up a little now that
Soybeans remain the bright spot in the export lineup, with17.6 million bushels of new sales. That was down from last week and below estimates, but well ahead of the pace needed to meet USDA's forecast. Shipments were also strong, with both more than doubling USDA's weekly forecast.
Today's report was delayed a day due to the Veterans Day observance.
In other demand news this morning, the National Oilseed Processors Association said its members crushed 143.397 million bushels in October, a little less than expected by the trade. The figure was 23 million higher than September but 11 million bushels below last October's total.