USDA’s latest weekly export sales report, out Thursday morning and covering the week through August 20, showed strong sales for corn, soybeans and wheat. Corn climbed to the high end of analyst expectations, wheat surpassed trade guesses, and soybeans maintained a healthy pace established earlier this summer.
Corn exports found another 57.1 million bushels in old and new crop sales last week, climbing to the higher end of trade guesses that ranged between 27.6 million and 59.1 million bushels. China accounted for the most volume, with regular customers Japan and Mexico remaining active buyers as well. Cumulative sales for the 2019/20 marketing year are still well behind last year’s pace, however, with 1.660 billion bushels.
Corn export shipments slid 10% below the prior four-week average to 37.0 million bushels. Mexico was the No. 1 destination, with 10.1 million bushels. Japan, Colombia, China and Canada rounded out the top five.
Sorghum exports reached 12.5 million bushels in total sales last week. All of that grain is bound for China or unknown destinations. Cumulative totals for the 2019/20 marketing year remains encouraging – nearly tripling last year’s pace with 173.1 million bushels so far.
Soybean exports saw just 1.9 million bushels in old crop sales last week but added another 68.9 million bushels in new crop sales for a total tally of 70.8 million bushels. That was on the higher end of trade estimates, which ranged between 44.1 million and 88.2 million bushels. Cumulative totals as the 2019/20 marketing year draws to a close have reached 1.589 billion bushels, which is falling behind last year’s pace of 1.653 billion bushels.
Soybean export shipments climbed 49% above the prior four-week average to 46.9 million bushels. China was by far the top destination, with 28.0 million bushels. The Netherlands, Spain, Mexico and Egypt filled out the top five.
Wheat exports jumped 41% above the prior four-week average, with 28.1 million bushels. That tally also surpassed all trade estimates, which ranged between 14.7 million and 25.7 million bushels. Cumulative sales for the 2020/21 marketing year are still tracking slightly ahead of last year’s pace, at 222.3 million bushels.
Wheat export shipments firmed 59% from a week ago and 31% above the prior four-week average, with 23.8 million bushels. The Philippines topped all destinations, with 3.4 million bushels. China, Mexico, Taiwan and Thailand rounded out the top five.
Click here to see more highlights from the latest USDA export report, covering August 7 through August 13.