With more than 74 million bushels of old and new crop export sales for the week ending Jan. 11, corn pulled off a serious rebound from the week prior, with a 333% gain week-over-week. Wheat and soybean export volumes were also noticeably higher from a week ago.
With 74.4 million bushels in old crop sales and 100,000 bushels in new crop sales, corn export sales volume far exceeded the prior week (17.2 million bushels) as well as trade expectations of 25.6 million bushels. The week’s total also chipped away at the weekly pace needed to reach USDA’s forecast, which was lowered to 23.7 million bushels.
Corn export shipments of 26.0 million bushels were 26% lower than the week prior and 5% off the four-week average, meantime. The No. 1 destination was Mexico, with 9.9 million bushels, followed by Japan (8.5 million bushels), Colombia (2.1 million bushels), unknown destinations (1.6 million bushels) and Venezuela (1.2 million bushels).
Soybean export sales notched better-than-expected results of 45.6 million bushels of old crop sales and another 10.6 million bushels of new crop sales for a total of 56.2 million bushels. That nearly doubled trade expectations of 29.4 million bushels and eclipsed the prior week’s total of 22.7 million bushels. The weekly pace needed to reach USDA’s forecast was whittled down once again, to 17.9 million bushels.
Soybean export shipments of 43.3 million bushels came in 24% lower week-over-week and was also 15% off the four-week average. China was the usual No. 1 destination, with 24.5 million bushels, followed by Mexico (3.7 million bushels), Indonesia (3.3 million bushels), Spain (2.6 million bushels) and South Korea (2.2 million bushels).
Wheat export sales were a mediocre 7.0 million bushels overall but rebounded considerably from the prior week’s total of 2.6 million bushels, which was a 2017/18 marketing year low. That total was not enough to reach trade estimates of 12.9 million bushels, however. Nor was it adequate to stay pace with the weekly rate needed to reach USDA’s forecast, now at 13.0 million bushels.
Wheat export shipments reached 15.6 million bushels, which was 47% higher than a week ago and 5% above the four-week average. The week’s top destination was the Philippines, with 3.7 million bushels, followed by Japan, Mexico, South Korea and Iraq.
Sorghum export sales totaled 7.4 million bushels and primarily went to China (around 99% of total). Export shipments were 34% higher from the week prior and primarily went to China, Japan and Mexico.
Cotton export sales of 275,100 bales were consistent from a week ago and 15% higher than the four-week average.