Analysts expected USDA to deliver an early Christmas present this week in the form of large export sales of corn, soybeans and wheat, and they weren’t disappointed for the most part – as the agency showed some marketing-year highs for export sales and shipments for the week ending December 13.
Corn export sales last week reached 77.7 million bushels, which was a marketing-year high and 87% above the prior four-week average. That number didn’t quite live up to analyst expectations, however, which ranged between 90.5 million and 114.2 million bushels. Mexico was the No. 1 destination, accounting for 44.8 million bushels.
Corn export shipments were for a more modest 38.4 million bushels last week, which inched 3% higher than the prior week. Mexico was also the top destination for export shipments, with 13.1 million bushels. Other top destinations included Japan, Colombia, Taiwan and the Dominican Republic.
Soybean export sales were also a marketing-year high last week, with 104.2 million bushels. That exceeded analyst estimates, which ranged between 77.2 million and 99.2 million bushels. After a long absence, China occupied the top spot for soybean export sales, with 57.4 million bushels. Other significant sales were reported for Mexico, the Netherlands, Germany and Egypt.
Soybean export inspections also hit a marketing-year high last week, with 49.2 million bushels. The Netherlands occupied the No. 1 position, accounting for 6.8 million bushels, followed by Germany, Taiwan, Spain and Japan.
Wheat export sales last week only reached 11.5 million bushels, which fell 58% below the prior week’s total and also landed below analyst estimates that ranged between 18.4 million and 25.7 million bushels. Japan was the No. 1 destination, with 2.6 million bushels, followed by Ecuador, Taiwan, Italy and Nigeria.
Wheat export inspections last week, meantime, saw a marketing-year high after reaching 24.5 million bushels, besting the prior four-week average by 52%. Taiwan was the No. 1 destination, with 3.0 million bushels. Other top destinations included the Philippines, Mexico and Italy.