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Latest Export Sales Data Could Disappoint

Latest Export Sales Data Could Disappoint

USDA doesn’t add to previously confirmed corn sales to China, while wheat and soybeans also fall short of expectations.

Big sales to China swelled the total of new corn export sales in the latest week, but USDA’s regular report released this morning failed to add any new bookings to that total.

The government tally included only the big deal to China for 35.4 million bushels announced last week, bringing the country’s total purchases this year to 75.7 million bushels, just slightly less than the USDA forecast for the entire marketing year from all originations.

Mexico also was a big buyer, taking 9.3 million bushels, but Japan, normally the sales leader, took only one new load. The total new sales of 72.7 for the week was below bullish trade guesses for close to 90 million. That suggests China didn’t make additional rumored purchases, or sourced the grain from Argentina. Shipments are still slow, with little farmer owned grain moving into the pipeline.

Weekly soybean sales were above the rate forecast by USDA for the marketing year at almost 22 million bushels, but that also was well below bullish guesses for 34 million. China accounted for 55% of the total, with other buyers taking only small amounts. Shipments, however, were very strong, reaching just under 43 million bushels.

Wheat sales of 14.7 million bushels were a little above USDA’s bearish forecast for the marketing year, but were also below trade expectations. Buyers in Asia and the America’s continue to dominate the list of buyers, as the U.S. remains mostly shut out of the active Middle East and North African market.

For the complete export report, click here.


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