For the week ending March 29, embattled soybean exports turned in much better totals. Is that the start of a better trend or an anomaly? Corn and wheat exports last week failed to impress.
Soybean exports found 41.6 million bushels in old crop sales and another 13.2 million bushels in new crop sales last week, for a total of 54.8 million bushels. That handily beat the prior week’s total of 33.0 million bushels and an average trade guess of 32.2 million bushels. The weekly rate needed to reach USDA forecasts was pushed down to 7.9 million bushels.
Soybean export shipments last week only reached 21.3 million bushels, however. That’s 26% below the prior week and 28% off the four-week average. China was the No. 1 destination, with 7.5 million bushels. Other top destinations included Mexico, the Netherlands, Egypt and Bangladesh.
Corn exports totaled 35.4 million bushels in old crop sales and another 0.4 million bushels for a total of 35.8 million bushels. That total fell well below last week’s total of 57.3 million bushels and an average trade guess of 53.2 million bushels, however. Even so, the weekly rate needed to reach USDA forecasts fell to 16.4 million bushels.
Corn export shipments totaled 57.8 million bushels last week, which slipped 8% below the prior week’s totals and 3% below the four-week average. South Korea was the No. 1 destination, with 13.0 million bushels. Other top destinations included Japan, Mexico, Spain and Taiwan.
Wheat exports found 4.0 million bushels in old crop sales and another 7.4 million bushels in new crop sales for a total of 11.4 million bushels last week. That dropped 69% from last week’s totals of 15.8 million bushels and landed far below the average trade guess of 17.5 million bushels. The weekly rate needed to reach USDA forecasts is still a reasonable 9.4 million bushels.
Wheat export shipments last week, at 15.8 million bushels, was 30% higher than the prior week and 14% higher than the prior four-week average. Last week’s No. 1 destination was Iraq, with 3.9 million bushels. Other top destinations included Mexico, Japan, Chile and Guatemala.
Sorghum only saw net export sales of 196,841 bushels after sales to China were mostly offset by cancellations from unknown destinations.
Cotton export sales of 367,600 bales were 21% higher than the prior week and 9% above the prior four-week average.