US: Bearish week for old crop corn exports, bullish for new crop

The USDA says old crop corn sales during the week ending May 6th notched a marketing year low following cancellations by China and unknown destinations, but it was a strong week for new crop sales, topping 2 million tons, with China and unknown destinations leading the way. Aside from that highlight, it was a generally quiet week for sales as high prices and competition from other nations led buyers to find alternatives to U.S. supplies. Old crop sales for soybeans, soybean products, cotton, and rice were all down on the week, with declines also seen in beef and pork. Old crop wheat and sorghum did improve marginally but were lower than average. The USDA’s next set of supply and demand estimates is out June 10th.Physical shipments of corn, sorghum, and soybeans were above what’s needed to meet USDA projections for the current marketing year. The 2020/21 marketing year started June 1st, 2020 for wheat, August 1st, 2020 for cotton and rice, September 1st, 2020 for beans, corn, and ...