By Ben Potter
Grain markets got a healthy boost in morning trading following USDA’s weekly export sales report. Corn and wheat exports were significantly up from a week ago, with the pace of soybean exports slipping slightly.
Corn captured 7.4 million bushels of old crop sales and 31.7 million bushels of new crop sales for a total of 39.1 million bushels – nearly double last week’s total of 20.7 million bushels and beating trade estimates significantly. Top destinations included China, Japan, Colombia, Peru and Guatemala. Cancellations of 4.81 million bushels were also reported, mostly coming from unknown destinations, with a small fraction also coming from Nicaragua and Venezuela.
Wheat saw sales of another 20.8 million bushels last week, ahead of 14.2 million bushels from the week prior and trade estimates of 16.5 million bushels. Export shipments of 26.5 million bushels was also well above USDA forecast of 18.2 million bushels. Top destinations included Japan, the Philippines, South Africa, Indonesia and Mexico. A modest amount of cancellations were also reported from unknown destinations and Colombia.
Soybeans fell beneath USDA forecasts for export shipments, however, with 25.2 million bushels. Total sales of 61.8 million bushels topped totals from the week prior, which was 59.1 million bushels. Top destinations included China, the Netherlands, Japan, Indonesia and Bangladesh. Cancellations totaling 12 million bushels were reported last week for unknown destinations, Pakistan and Costa Rica.
Sorghum sales were up significantly compared to both a week prior and the 4-week average.