For the week ending March 22, corn and wheat totals were mainly in line with trade expectations, but soybean totals slumped once more – a disappointing trend so far in 2018. U.S. sales to China are down 18% from last year at a time when Brazil starts to take over world trade in the oilseed.
Soybean exports last week found 11.7 million bushels in old crop sales and another 2.6 million bushels in new crop sales for a total of 14.2 million bushels. That amount was less than half of the prior week’s total of 33.0 million bushels, not to mention an average trade guess of 31.2 million bushels. Still, exports were just enough to chip away at the weekly rate needed to reach USDA forecasts, now at 9.3 million bushels.
Soybean export shipments totaled 28.8 million bushels – also ahead of the weekly rate needed to reach USDA forecasts, now at 24.3 million bushels. China was the No. 1 destination but only accounted for 5.1 million bushels. Other top destinations included the Netherlands, Indonesia, Mexico and Egypt.
Corn export sales were much more robust, totaling 53.3 million bushels in old crop sales and 11.3 million bushels in new crop sales for a total of 64.6 million bushels. Trade estimates of 65.0 million bushels nearly hit the bullseye, and the weekly rate needed to meet USDA forecasts dropped to 17.2 million bushels.
Corn export shipments totaled 54.2 million bushels last week, approximately equal to the prior week’s total and 8% ahead of the prior four-week average. Mexico was the No. 1 destination last week, with 11.6 million bushels. Other top destinations included South Korea, Japan, Colombia and Vietnam.
Wheat exports found 13.0 million bushels in old crop sales and another 4.5 million bushels in new crop sales for a total of 17.5 million bushels. That was slightly ahead of trade expectations (16.5 million bushels) and the prior week’s total of 15.8 million bushels. The weekly rate needed to keep pace with USDA forecasts is down to 8.8 million bushel.
Wheat export shipments of 12.1 million bushels were 31% lower than the prior week and 12% below the prior four-week average. Japan was the No. 1 destination, with 2.2 million bushels. Other top destinations included Mexico, the United Arab Emirates, Algeria and Venezuela.
Sorghum export sales only totaled 759,807 bushels after sales to China and Japan were mostly offset by reductions from unknown destinations. Export shipments were 15% below the prior week’s totals but 5% ahead of the prior four-week average.
Cotton export sales of 304,900 bales were down 10% from a week ago and 9% below the prior four-week average.