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Weekly Export Sales: Soybeans continue to cool

Corn matches trade expectations, meantime, with wheat falling short.

Export sales for the week ending May 10 found generally favorable results for corn, which landed ahead of trade estimates, while soybean and wheat sales delivered subpar results.

 

Corn exports landed 38.8 million bushels in old crop sales, plus another 5.1 million bushels in new crop sales, for a total of 43.9 million bushels. That was a moderate improvement from the prior week’s tally of 30.9 million bushels and bested trade estimates of 38.4 million bushels. The weekly rate needed to meet USDA forecasts is now just 1.8 million bushels.

Corn export shipments of 61.6 million bushels also landed well ahead of the rate needed to reach USDA forecasts, now at 47.1 million bushels, although it was 12% lower than the prior week and 4% below the four-week average. Mexico was the No. 1 destination with 14.4 million bushels, followed by Japan, Taiwan, Vietnam and Colombia. 

Soybean exports found 10.4 million bushels in old crop sales last week, plus another 8.3 million bushels of new crop sales, for a total of 18.6 million bushels. That was moderately lower than both the prior week’s total of 23.2 million bushels as well as trade estimates of 25.7 million bushels. The weekly rate needed to reach USDA forecasts still eased lower, to 15.9 million bushels.

Soybean export shipments reached 24.0 million bushels last week, which was 39% ahead of the prior week and 30% above the four-week average. China regained its No. 1 position, with 4.8 million bushels, followed closely by the Netherlands, Egypt, Mexico and Indonesia.

Wheat exports landed 2.3 million bushels in old crop sales last week, along with another 4.8 million bushels of new crop sales, for a total of 7.2 million bushels. That was more than double the prior week’s total of 3.1 million bushels but failed to match trade estimates of 11.0 million bushels. The weekly fate needed to reach USDA forecasts gets increasingly hard to match, now moving to 26.5 million bushels. 

Wheat export shipments were for 15.1 million bushels last week. Japan was the No. 1 destination, with 3.5 million bushels, followed by Yemen, Iraq, Mexico and Ecuador.

Sorghum export sales of 2.3 million bushels came from Japan, Taiwan and Mexico, partially offset by reductions from unknown destinations. Export inspections dropped 66% lower than the prior week and 43% below the four-week average.

Cotton export sales of 153,300 bales dropped 21% below the prior week and 38% below the four-week aveage.

Our new interactive map provides a complete country-by-country breakdown of the most recent export sales data from USDA. Click the box in the upper left hand corner of the map to access a legend. Click the boxes by a crop to toggle that layer on or off, then click an individual country on the map to see its data on current exports, year-to-date sales and shipments, and next year’s crop sales.

Click the download button below to access more charts and analysis.

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