It was another week of mixed results of grain export sales for the week ending October 26. Soybean volume exceeded expectations, corn volume was a little lower than expected, and wheat volume was almost exactly on target.
Corn tallied 31.9 million bushels of old crop sales and 3.5 million bushels of new crop sales, for a total of 35.5 million bushels in total sales. That fell short of trade estimates of 37.4 million bushels. At this point, weekly sales need to total 26.8 million bushels to keep pace with USDA’s forecast.
Corn export shipments came in at 23.5 million bushels for the week, slightly lower than the week prior. Top destinations included Mexico (8.7 million bushels), Japan (7.9 million bushels), Peru (2.9 million bushels), Colombia (1.6 million bushels) and Costa Rica (972,000 bushels).
Soybeans notched 72.3 million bushels of old crop sales and 0.6 million bushels of new crop sales for a total of 72.8 million bushels. That was good enough to stay ahead of trade estimates of 60.6 million bushels. The crop stays on target to reach USDA forecast, which is now on a weekly pace of 40.9 million bushels.
Soybean export shipments rolled in at 98.8 million bushels, with China taking the bulk of that volume with 77.5 million bushels. Other top destinations included the Netherlands, Japan, Vietnam and Pakistan.
Export sales for wheat, at 12.8 million bushels, nearly hit trade estimates of 12.9 million bushels on the nose. The total still lags behind the pace needed to match USDA’s forecast, now set at 13.4 million bushels per week. Sales were down 4% from a week ago and were 15% lower than the four-week average.
Export shipments for wheat, however, were noticeably higher than the week prior and slightly ahead (2%) of the four-week average. Shipments totaled 13.9 million bushels, with primary destinations that included Taiwan, South Korea, Iraq, Guatemala and Ecuador.
Soymeal sales for the week ending October 26 primarily went to Mexico, Japan, Canada, Nicaragua and Colombia. Export shipments featured top destinations to Thailand, the Dominican Republic, Mexico, Canada and Nicaragua. Soyoil sales primarily went to South Korea, the Dominican Republic, Colombia and Mexico, with export shipments headed to South Korea, Guatemala, Mexico and Colombia.
Sorghum export sales jumped well ahead of the week prior’s totals, with 11.2 million bushels. China captured the bulk of that volume, with 8.2 million bushels, with the remainder for Japan and unknown destinations. Export shipments, meantime, were just 90,546 bushels, which was 97% lower than a week ago. Mexico took about two-thirds of that volume, with the remainder headed to China.
Cotton, coming off a marketing-year high the week prior, tallied export sales of 209,000 bales for the week ending October 26. That total kept in nearly in line (2% lower) than the four-week average.