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Serving: United States

Weekly Export Sales – Soybeans stuff the latest report

Volume trends 25% higher week-over-week, corn and wheat also up

Soybeans continued to be the shining star in the latest USDA export sales report, covering the week ending November 21 and out a day late due to this week's Thanksgiving holiday. Corn and wheat also saw week-over-week gains this past week, too, although those tallies were less impressive.

Soybean export sales led the way with 61.1 million bushels, which trended 14% above last week's tally and 25% above the prior four-week average. China accounted for nearly half of the total, with 30.5 million bushels. Germany, Indonesia, Taiwan and Egypt each took at least 2.7 million bushels each, as well.

Soybean export shipments fared even better, scoring a marketing-year high with 82.5 million bushels – up 36% from a week ago and 48% above the prior four-week average. China's piece of the pie this past week was 68% of the total, with Germany, Indonesia, Egypt and Pakistan gobbling up the remainder.

China is still sitting on more than 137 million bushels in total outstanding sales so far this marketing year, which are in danger of getting rolled into next year or cancelled outright if U.S.-China trade relations aren't resolved in a timely manner. Compare that to the country's year-over-year outstanding sales of about 9 million bushels, for additional context.

Soymeal exports slumped 62% below the prior four-week average, in contrast, and tumbling to less than half the average trade guess after gathering just 92,300 metric tons, mostly bound for Central and South American destinations.

Wheat exports rise

USDA's latest round of export data also showed a big week-over-week increase for wheat export sales, which firmed by 40% to reach 22.5 million bushels, which also moderately bested trade expectations of 16.0 million bushels. The Philippines led the latest charge, picking up another 7.2 million bushels, followed by Taiwan, Japan, Bangladesh and Guatemala.

Wheat export shipments were more modest last week, with 16.4 million bushels. That slipped 8% below the prior week's tally but firmed 1% over the four-week average. The Philippines again led the way last week after accounting for 4.4 million bushels, with Japan, Bangladesh, Mexico and Italy rounding out the top five.

Corn export sales inched 2% higher from last week to reach 31.8 million bushels, placing totals 34% ahead of the four-week average and moderately higher than trade expectations of 25.6 million bushels. Colombia toppled Mexico's usual No. 1 spot after taking 10.3 million bushels. Costa Rica, Canada, Mexico and Honduras rounded out the top five.

Corn export shipments were less impressive, with 25.0 million bushels last week – down 6% week-over-week but 22% ahead of the four-week average. Mexico was the No. 1 destination with just over half of that total, followed by Colombia, Japan, Guatemala and Jamaica.

Click here for a full rundown of the latest USDA export sales highlights.

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