March 5, 2020
USDA’s latest grain export sales report, covering the week ending February 27, didn’t have a lot of supportive data for struggling grain prices this morning, although wheat volume landed moderately ahead of the prior four-week average. Corn and soybeans, in contrast, slumped moderately below their prior four-week averages and struggled to stay within trade estimates.
Wheat sales landed 19.9 million bushels in old crop sales last week, plus another 1 million bushels in new crop sales for a grand total of 20.9 million bushels. That was enough to climb 42% ahead of the prior week’s tally and 27% above the prior four-week average, while landing on the high end of trade estimates that ranged between 13.8 million and 24.8 million bushels.
Taiwan and Mexico topped all destinations for U.S. wheat export sales last week, with 3.8 million bushels apiece. South Korea and Indonesia were not far behind. Cumulative totals for the 2019/20 marketing year are now at 671.2 million bushels, still trending moderately ahead of the prior year’s pace of 598.0 million bushels.
Wheat export shipments fared even better, with 23.8 million bushels last week – staying 36% above the prior four-week average. Thailand (4.2 million), followed by Mexico, the Philippines, Indonesia and South Korea, accounted for most of the total.
Corn exports found 30.3 million bushels in old crop sales plus another 3.9 million bushels in new crop sales for a total of 34.2 million bushels. Analysts were mostly expecting a bigger haul, however, with trade guesses that ranged between 27.6 million and 51.2 million bushels. And the prior four-week average for corn exports was 29% higher than this week’s tally.
Mexico was the No. 1 destination for corn export sales last week, with 13.6 million bushels. South Korea, Colombia, Vietnam and Saudi Arabia rounded out the top five. Cumulative totals for the 2019/20 marketing year still languish well behind last year’s pace, reaching 566.1 million bushels since last September.
Corn export shipments reached a marketing-year high, meantime, with 34.8 million bushels. Japan (13.2 million) and Mexico (10.9 million) led the way, with Vietnam, Saudi Arabia and Guatemala filling out the top five.
Soybean export sales saw old crop and new crop sales reach a total of 12.7 million bushels last week, which was on the low end of trade estimates that ranged between 18.4 million and 37.7 million bushels and down 35% from the prior four-week average. Mexico was the No. 1 destination last week, with 12.7 million bushels. China was again conspicuously absent from the list of top buyers. Cumulative totals for the 2019/20 marketing year are still maintaining a modest lead over last year’s pace, with 1.089 billion bushels.
Soybean export shipments fared better, with 25.6 million bushels, but still stumbled 22% below the prior four-week average. Egypt was the No. 1 destination last week, at 6.3 million bushels, with China contributing another 4.9 million bushels. Mexico, the Netherlands and Bangladesh rounded out the top five.
Click here for more of last week’s export highlights from USDA.
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