Hopes for brisk business in wheat and soybean exports were dashed this morning by USDA's latest update of weekly sales. New deals slowed to a crawl during the holiday shortened week, as turbulent financial markets continue to have buyers taking cargos on a hand-to-mouth basis.
Sales for both wheat and soybeans hit marketing year lows, while corn sales were also dismal. Sales do appear to be picking up some this week, at least for corn, while other buyers remain wary.
Total wheat sales came in at just 7.6 million bushels, with
Historically weak ocean freight rates appear to be cutting both ways. They're giving buyers access to grain from areas that previously might have been uncompetitive, such as the
This week's total for corn was just 15.4 million bushels, about half the rate needed to match USDA's forecast. While the total should pick up next week — USDA already announced the sale of 17.7 million bushels to