March 26, 2020
USDA’s latest weekly export sales recap, covering the week ending March 19, had largely bullish data for traders to chew on. Corn led the charge, climbing to a marketing year high, but wheat and soybeans also posted significant week-over-week gains.
Corn once again led the way for weekly grain sale volume, besting trade estimates by netting another 71.4 million bushels in old crop sales plus another 3.3 million bushels of new crop sales for a total of 74.7 million bushels. Old crop sales topped the prior four-week average by 73%. China came roaring in as the No. 1 buyer last week, with 29.8 million bushels. Cumulative sales of 671.1 million bushels for the 2019/20 marketing year made up some ground from last year’s pace but are still trending significantly lower for now.
Corn export shipments, in contrast, slipped 13% below the prior week’s total and 5% beneath the prior four-week average, with 33.3 million bushels. Japan (10.1 million) and Mexico (9.1 million were the top two destinations. Colombia, the Dominican Republic and Guatemala filled out the top five.
Soybean export sales reached 33.2 million bushels last week, which topped all trade estimates and climbed 43% ahead of the prior week’s tally. Unknown destinations led the charge, with 14.9 million bushels. China showed up as the No. 2 destination on last week’s ledger, with 7.3 million bushels. Cumulative totals of 1.150 billion bushels for the 2019/20 marketing year are maintaining a modest lead over last year’s pace.
Soybean export shipments of 22.3 million bushels were also moderately ahead of the prior week’s tally. Egypt was the No. 1 destination, with 4.7 million bushels. An Asia quartet of Taiwan, Japan, Indonesia and China rounded out the top five.
Wheat exports found 27.2 million bushels in old crop sales plus another 13.5 million bushels in new crop sales, beating all trade estimates and coming in significantly ahead of the prior four-week average. China was the star buyer, accounting for 17.8 million bushels in total sales last week. Total sales for the 2019/20 marketing year continue to trend moderately higher than last year’s pace, now at 716.6 million bushels.
Wheat export shipments of 15.3 million bushels firmed 12% above the prior week’s tally but slid 11% below the prior four-week average. Taiwan was the No. 1 destination, with 2.9 million bushels. The Philippines, Indonesia, Malaysia and Mexico filled out the top five.
Click here for last week’s entire export data set from USDA.
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