Wheat’s 2017/18 marketing year has ended with the commodity failing to reach USDA forecasts, kicking off a new marketing year as of June 1. But corn and soybeans don’t kick off the 2018/19 marketing year until September 1 – and both crops have very good chances to meet the agency’s current expectations.
Corn exports saw 36.9 million bushels in old crop sales plus another 9.5 million bushels in new crop sales for the week ending June 7, for total export sales of 46.3 million bushels. That came in slightly below the prior week’s total of 49.5 million bushels and slightly ahead of trade estimates of 41.3 million bushels. The weekly rate needed to reach USDA forecasts continues to slowly diminish, reaching 7.2 million bushels.
Corn export shipments of 39.8 million bushels came in 3% lower than a week ago and 12% below the four-week average. Mexico was the No. 1 destination, as it often is week to week, with 14.2 million bushels. Other top destinations included Vietnam, South Korea, Saudi Arabia and Japan.
Soybean exports found 19.1 million bushels in old crop sales plus another 10.7 million bushels in new crop sales, for total sales of 29.8 million bushels. That total landed significantly higher than the prior week’s total of 7.3 million bushels and moderately higher than trade estimates of 18.4 million bushels. The weekly rate needed to reach USDA forecasts is now a near nonexistent 0.2 million bushels.
Soybean export shipments last week totaled 43.4 million bushels, landing 16% higher than the prior week but 10% below the four-week average. Indonesia was the No. 1 destination, with 5.1 million bushels, followed by Mexico, China, Pakistan and Portugal.
Wheat export sales get its 2018/19 marketing year rolling with 11.1 million bushels in total sales, besting the prior week’s total of 8.5 million bushels. Trade estimates of 11.0 million bushels nearly hit the bullseye, and last week’s total is very close to the weekly rate needed to meet USDA forecasts, now at 11.2 million bushels.
Wheat export shipments reached 11.5 million bushels, with the Philippines taking the biggest share of the pie at 2.1 million bushels. Other top destinations included Ecuador, Guatemala, Brazil and Japan.
Embattled sorghum saw no net sales reported last week. Meager export shipments of around 189,000 bushels managed to land 7% higher than the prior week, but were 88% below the four-week average.
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