Bushels

Wheat posted a solid round of export data this morning, with USDA reporting 25.6 million bushels in old crop sales last week, plus another 1.7 million bushels in new crop sales for a total volume of 27.3 million bushels.

Yield is forecast at 47 bushels per acre, up 3 bushels from last year.

Linder was hesitant to make any predictions on corn yields in Ohio, but did say the USDA National Agricultural Statistics Service’s forecast of 172 bushels per acre (8 bushels above last year) is reasonably close.

NOPA reported the March crush at 192.2 million bushels beating the average analyst estimate at 191.5 million bushels.

Pakistan importers have purchased 2.2 million bushels of wheat from optional origins, following purchases of 11.0 million bushels in late July.

AccuWeather predicts a 7.9% drop in soybean bushels per acre from 2018 and a 5.3% drop in corn bushels per acre.

Based on current USDA projections of corn use, current marketing-year ending stocks sit at 2.095 billion bushels, 65 million bushels more than last month’s projection.

Japan was the only other country of note, taking 1.9 million bushels, with the remaining 4.2 million bushels split among other destinations.

Sorghum yield is estimated at 111 bushels per acre, an increase of 28 bushels.

Soybean ending stocks were below analyst estimates of 496 million bushels, with USDA moving that number to 460 million bushels.

That tally roughly tripled the prior week’s total of 19.6 million bushels and moderately exceeded the average trade guess of 43.3 million bushels.

That was in the middle of trade estimates that ranged between 27 million and 45 million bushels, however, and was good enough to slightly reduce the weekly rate needed to match USDA forecasts, now at 34.1 million bushels.

The yield, forecast at 47 bushels per acre, is up 5 bushels from last year.

USDA dropped U.S. soybean ending stocks 5 million bushels from last month, to 895 million bushels, which came in on the low end of pre-report expectations.

Wheat stocks were also a bit higher than analyst estimates of 1.011 billion bushels, with USDA putting that number at 1.043 billion bushels instead.

Domestically, USDA trimmed U.S. feed and residual use by 50 million bushels, and also knocked 5 million bushels off of food, seed and industrial use.

Exports have been increased to 125 million bushels, and stocks have been lowered 125 million bushels from the January report.

Ideally, Swanson says Monsanto aims to help corn growers improve output from 185 bushels of corn per acre to closer to 500 bushels.

With oats, Canada uses 34 lb bushels and the USA uses 32 lb bushels.

Crush volumes are still expected to rise from the previous month, when 179.184 million bushels of soybeans were processed.