Fundmental Update 09/18/09

FUNDAMENTAL UPDATE:
Corn export sales are off to a decent start this marketing year, lagging the torrid record pace of two years ago, but comfortably ahead of last year. Cumulative corn sales of 537 mln bu are 48 mbu ahead of LY (including carryover and the first two weeks), comfortably in position with the USDA estimating a 350-mbu year-to-year jump to 2.2 billion bushels.

The huge soybean export sales carryover has cumulative sales 304 mbu ahead of LY at this point, with the USDA estimating exports for this year to equal last year. It should be noted that this years soybean export pace is expected to be heavily front end loaded with and expected record large South American crop expected to largely supply the world market from March forward.