Corn and wheat export sales turned in pretty dismal results for the week ending May 3, dipping well below the prior week’s totals and failing to meet trade expectations. Soybean export sales couldn’t match trade expectations, either, but came very close – no small feat, considering China’s diminished short-term presence there.

Corn exports found 27.4 million bushels in old crop sales, plus another 3.5 million bushels in new crop sales for total sales of 30.9 million bushels. That was moderately behind both trade estimates (40.4 million bushels) and the prior week’s total of 42.1 million bushels. The weekly rate needed to reach USDA forecasts remain at a manageable 11.3 million bushels.

Corn export shipments of 70.3 million bushels jumped 21% over the prior week’s results and were 8% better than the prior four-week average. Mexico was the No. 1 destination, with 13.3 million bushels, followed by Vietnam, Japan, South Korea and Taiwan. 

Soybean exports was 13.0 million bushels in old crop sales and another 10.2 million bushels in new crop sales for total sales of 23.2 million bushels. Totals slumped 15% from the prior week’s totals and landed 57% below the four-week average. They also barely missed trade estimates of 23.9 million bushels. The weekly rate needed to reach USDA forecasts was nonetheless trimmed again, now at only 2.3 million bushels per week to close out the 2017/18 marketing year.

Soybean export shipments of 17.3 million bushels were down 32% from the prior week but where only 1% behind the prior four-week average. The Netherlands overtook China as the usual No. 1 destination, with 3.1 million bushels. China still landed in the No. 2 spot, with 2.8 million bushels. Other top destinations last week included Tunisia, Pakistan and Mexico. 

Wheat export sales were in freefall last week with just 3.1 million bushels in total sales – down 85% from the prior week and 76% below the prior four-week average. Totals were also well below trade estimates of 16.5 million bushels, and the weekly rate needed to reach USDA forecasts becomes increasingly harder to manager, now rising to 18.4 million bushels.

Wheat export shipments of 11.9 million bushels trended 14% higher than the prior week but remained 27% below the prior four-week average. Japan was the No. 1 destination, with 3.3 million bushels, followed by the Philippines, Taiwan, Mexico and Honduras. 

Sorghum export sales reached 8.4 million bushels last week, with Spain and Mexico accounting for the bulk of that amount. Export shipments of 7.6 million bushels headed primarily to Spain and China. 

Cotton export sales of 191,300 bales improved 2% from the prior week but remained 21% below the prior four-week average.

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