U.S. wheat sales declined sharply reaching a marketing year low and have declined nine out of the last ten weeks. Wheat exports increased slightly from the past week. Corn sales and export levels declined, but reported levels are well above those seen in 2013 and 2012.
Soybean sales increased slightly and have been on the rebound following the marketing year low reported for the week ending March 20th. Soybean exports increased for only the third time in the past ten weeks, but they have been well above levels for this time in previous years. Over 40 million metric tons of soybeans have been exported thus far in the 2013/2014 marketing year, a 22% increase from this time last year.
Weekly U.S. net corn sales for the week ending April 3rd in the 2013/2014 marketing year were 658,700 metrics tons (MT), a 31% decrease from the previous week and a 43%
Corn exports increased to their highest level in 2014 along with sales increasing as well. Soybeans saw declining sales and exports following the trend seen for the past month. Soybean stocks are reported to be almost 50 million bushels lower than this time in 2013 as sales in 2014 have far outpaced the estimates for the 2013/2014 marketing year.
A decision over the GMO corn trait MIR-162 by China's Biosafety Committee is expected in the next two weeks on whether to approve the strain that has been seeking acceptance into the country since 2010. Many people within the agricultural community await the Grain Stocks and Prospective Planting reports due out Monday March 31st, 2014. Corn planted acre estimates range between 90.5 and 94.5 million acres with the polled average around 93 million. Soybean planted acre estimates are ranging between 78.5 and 83.6 million acres.
Weekly U.S. net corn sales for