In the young 2018/19 marketing year, wheat export sales finally posted a round of strong results for the week ending Aug. 9. Corn sales, meantime, moved steadily forward, with soybeans slipping moderately from the prior week’s tally.
Wheat export sales more than doubled the prior week’s total of 11.7 million bushels and trade estimates of 12.9 million bushels with an impressive 29.5 million bushels in sales last week – a marketing year high. Five weeks into the 2018/19 marketing year, that still leaves a need for 17.1 million bushels per week moving forward to match USDA forecasts.
Wheat export shipments were also a marketing year high last week, reaching 17.0 million bushels. Mexico was the No. 1 destination, with 3.7 million bushels. So far for 2018/19, the Philippines are the leading destination for U.S. wheat export commitments, accounting for 15% of the total.
Corn exports found 13.3 million bushels in old crop sales and another 41.1 million bushels of new crop sales last week, for a total of 54.5 million bushels. That is moderately ahead of both the prior week’s result of 47.7 million bushels and trade estimates of 43.3 million bushels. As the 2017/18 marketing year draws to a close, old crop sales still need 9.2 million bushels weekly to match USDA forecasts.
Corn export shipments last week reached 48.0 million bushels, with Mexico as the top destination (18.2 million bushels). Mexico also is the leading destination for U.S. corn export commitments this marketing year, accounting for 25% of the total. Japan (19%), South Korea (10%) and Colombia (8%) have also proved popular destinations so far.
Soybean exports added 4.9 million bushels in old crop sales plus another 21.0 million bushels in new crop sales for a total of 25.9 million bushels. That nearly matched trade estimates of 27.6 million bushels but slipped moderately behind the prior week’s tally of 35.1 million bushels. For the 2017/18 marketing year, soybean sales have surpassed USDA forecasts by a weekly average of 15.4 million bushels.
China was absent from last week’s tally, says Farm Futures senior grain market analyst Bryce Knorr.
“China cancelled 2.7 million bushels of old crop soybean purchases and didn’t book any new or old crop last week,” he notes. “As we previously reported, a ship with 2.5 million bushels shipped out of the PNW last week, one of five ships that have been bound for China since the tariffs took effect with a total of 11.8 million bushels.”
Soybean export shipments were for 21.6 million bushels last week, with Iran (4.9 million bushels) occupying the No. 1 position. For the marketing year, China still leads the pack, accounting for 48% of all U.S. soybean export commitments. Other destinations of note include the European Union (9%), Mexico (8%) and Indonesia (5%).