Weekly Export Sales: ‘October surprise’ for corn?

Corn posts two consecutive weeks of higher-than-expected volume.

For the second consecutive week, corn export sales came in stronger than expected. Wheat export sales were also relatively strong for the week ending October 12, with soybean volumes coming in lower than anticipated. The news brought a small lift to grain prices in midmorning trading.

Corn export sales couldn’t match last week’s total of 62.7 million bushels but did come in above trade estimates with 49.4 million bushels in old crop sales and another 0.6 million bushels in new crop sales. The total was down 21% from a week ago but still 58% higher than the four-week average. Trade estimates came in moderately lower, at 37.4 million bushels.

Export shipments for corn, meantime, lagged from totals from a week ago, with a volume of just 13.3 million bushels. Top destinations included Mexico, Colombia, Peru, Japan and Canada.

Soybean export sales dipped 27% from a week ago and were 36% lower than the four-week average, at 46.9 million bushels. That was also lower than trade estimates of 55.1 million bushels.

Soybean export shipments, meantime, were robust, at 68 million bushels. China captured around three-fourths of that volume, with other top destinations including Spain, Pakistan, Germany and Turkey.

After multiple weeks of lower-than-expected volume, wheat export sales posted relatively strong results, with 22.6 million bushels in old crop sales. That was well ahead of last week’s total of 6.5 million bushels and trade estimates of 12.9 million bushels.

Wheat export shipments were less impressive, however, at 11.6 million bushels – down 3% from a week ago and 34% lower than the four-week average. Top destinations included Indonesia, Colombia, Israel, Mexico and Japan.

Soymeal export sales totaled 10.9 million, buoyed by sales to the Dominican Republic, Thailand, Colombia, Honduras, Nicaragua and Panama. Soyoil net sales totaled 1.0 million, headed primarily to Guatemala, Mexico and the Dominican Republic.

Sorghum export sales totaled 4.7 million bushels, with sales primarily headed to unknown destinations and Mexico, and partially offset by a small reduction in sales to China. Export shipments totaled 2.1 million bushels, headed primarily to China and Mexico.

Cotton export sales saw a spike in volume last week with 253,000 bales, which is 64% higher than a week ago and 39% higher than the four-week average.

Cotton export sales were lower again this week, with 154,400 bales. That’s 4% lower than last week and 4% lower than the four-week average. Export shipments were also down 14% from a week ago and 16% from the four-week average. Export shipments, however, reached a marketing low with 86,100 bales – down 27% from a week ago and 36% lower than the four-week average.

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