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Serving: United States
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Weekly Export Sales: Slow start to 2019

USDA data for week ending January 3 features several marketing-year lows.

After the partial federal government shutdown that lasted more than a month from late December through January, USDA is still releasing stale data. Next week, the agency plans to catch completely up, but today’s export report covers sales from six weeks ago, revealing slow sales to start the new year.

Corn exports for the week ending January 3 reached 18.1 million bushels, which came in 9% below the prior week’s tally and 64% lower than the prior four-week average. Totals also fell below expectations of analysts, who expected the agency to report corn sales between 19.7 million and 39.4 million bushels. Top destinations included Mexico, Japan, Saudi Arabia and unknown destinations.

Corn export shipments reached a marketing-year low after posting a total of just 26.2 million bushels, slumping 34% below the prior four-week average. Mexico was the No. 1 destination, with 9.9 million bushels, followed by Japan, Peru, Canada and Guatemala.

Soybean export sales for the week ending January 3 also found a marketing-year low after total net reductions from China and unknown destinations outweighed gains from Mexico, the Netherlands, Pakistan, South Korea and others, leaving a total deficit of 22.5 million bushels for the week. Analysts expected total sales to range between 22.0 million and 36.7 million bushels, in contrast.

Soybean export shipments fared much better after reaching 33.4 million bushels but remained 1% below the prior week’s total and 8% below the prior four-week average. China was the top destination, with 4.9 million bushels. Other top destinations included Taiwan, the Netherlands, Argentina and Pakistan.

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Wheat export sales also landed on a marketing-year low, falling 76% below the prior four-week average after posting net sales of 4.8 million bushels for the week ending January 3. Analysts had provided more bullish estimates that ranged between 7.3 million and 18.4 million bushels. Top destinations included Mexico, the Philippines, Taiwan, unknown destinations and Nigeria.

Wheat export shipments of 10.7 million bushels were also pointed downward, falling 33% lower than the prior week’s tally and 44% below the prior four-week average. The Philippines came in as the No. 1 destination for the week ending January 3, with 3.0 million bushels. Other top destinations included Mexico, Bangladesh, Thailand and Taiwan.

TAGS: USDA Trade
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