
Grain Exports Have to Improve From Here Export demand has to pick up considerably from here if grain prices are going to have a chance at finding their seasonal lows anytime soon. This week featured another widely disappointing export sales report with new commitments for corn, soybeans, and wheat all near the bottom end of expectations. Looking at the factors for why exports have been so sluggish, it is also possible to see the reasons for believing that trade demand will flip more bullish over the coming several months. First, to see just how bad it has been, compare new-crop export sales with where they were at this point a year ago. Even after more than two months of daily export sales announcements popping up regularly, soybean commitments are down 34 percent from a year ago while the USDA’s projection for the marketing year pegs them lower by 10 percent. Wheat sales are down 17 percent from last year versus the government forecast for them to drop about 8 percent. Cumulative corn sales are relatively better off being down only 6 percent from last year, but USDA sees corn exports rising 26 percent this year. The most…