USDA Export Numbers
Another down day in the wheat market on Thursday. Also the USDA came out with some export numbers that indicate international buyers see value in U.S. commodities. Here’s Standard Grain’s Joe Vaclavik.
Vaclavik… “Corn sales were good: 907,000 and 63,000 for new crop. So that's to be expected here. We're going to continue to see strong corn sales and probably stronger feed demand as prices deteriorate here. And of course ethanol is a big problem. Soybeans sales were not good. 245,000 for old crop and only 60,000 for new crop. Disappointing there. Wheat sales: Ok. 178,000 and 419,000 for new crop. U S soybean processors crushed a record amount of soybeans in March, according to yesterday's NOPA report, 181.4 million bushels. That is the best for any month on record exceeding the previous record from this past January, which was about 177 million.”
Chicago May Wheat futures dropped another $0.10 ½ yesterday closing at $5.29 ½.
May Corn closed down just a half cent to $3.19 ½.
Portland prices for Dark Northern Spring wheat down $0.07 3/4 ranging from $6.36 ¼ to $6.66 ¼ for 14% protein.
Live Cattle futures were up $1.65 on the June board to $86.47 ½. Feeder Cattle for May up $2.90 to $118.47 ½.
Class III milk dropped yesterday $0.16 on the May futures to $11.02.