August 10, 2023
USDA revealed a relatively strong set of grain export data in its latest report, out Thursday morning and covering the week through August 3. Wheat totals bested the entire set of analyst estimates after old crop sales climbed 86% above the prior four-week average. Corn and soybean volumes were also solid, moving higher from the prior weeks’ total and staying near the upper end of trade guesses.
Corn exports found 35.8 million bushels in combined old and new crop sales last week. That was also toward the higher end of analyst estimates, which ranged between 10.8 million and 47.2 million bushels. Cumulative totals for the 2022/23 marketing year have reached 1.470 billion bushels, which is substantially below last year’s pace of 2.249 billion bushels.
Corn export shipments were steady versus the prior four-week average, with 18.8 million bushels. Mexico was the No. 1 destination, with 11.1 million bushels. Japan, Saudi Arabia, Canada and Taiwan rounded out the top five.
Old crop sorghum exports faded to a marketing-year low last week, with net reductions of around 160,000 bushels. New crop sales added 2.7 million bushels, for a total of 2.5 million bushels. That grain is bound for China and unknown destinations. Cumulative totals for the 2022/23 marketing year are trending at less than a third of last year’s pace, with 78.9 million bushels.
Soybean exports gathered 55.2 million bushels in combined old and new crop sales last week. That was also toward the higher end of trade estimates, which ranged between 11.0 million and 66.1 million bushels. Cumulative totals for the 2022/23 marketing year are moderately lower than last year’s pace so far, with 1.866 billion bushels.
Soybean export shipments moved 40% above the prior four-week average, with 14.0 million bushels. Germany, Indonesia, the Netherlands, Mexico and Japan were the top five destinations.
Wheat exports jumped to 21.1 million bushels in combined old and new crop sales last week. Old crop sales were a marketing year high after climbing 86% above the prior four-week average. Total sales exceeded the entire set of trade guesses, which ranged between 7.3 million and 18.4 million bushels. Cumulative sales for the 2023/24 marketing year are slightly below last year’s pace, with 107.8 million bushels.
Wheat export shipments were 8% below the prior four-week average after reaching 12.9 million bushels. Mexico, the Philippines, Taiwan, Ecuador and South Korea were the top five destinations.
Click here for more highlights from the latest UDSA export sales report.
Read more about:Exports
About the Author(s)
You May Also Like
Current Conditions for
New York, NY
Enter a zip code to see the weather conditions for a different location.