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Weekly Export Sales: Bearish soybean data erases overnight gains

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

Ben Potter

May 24, 2018

2 Min Read
Bow view of fully loaded cargo ship.Stewart Sutton/ThinkstockPhotos

Soybean export sales ended in the red for the week ending May 17, erasing most of the double-digit gains that had been collected in overnight trading when the data was released Thursday morning. Corn and wheat exports last week fared somewhat better, but with mixed results depending on whether totals were measured against the prior week or the four-week average. 

Old crop soybean exports found themselves 5.1 million bushels in the hole last week, after increases from Pakistan, Bangladesh, Indonesia, Germany and the Netherlands couldn’t overcome reductions reported from unknown destinations and China. New crop soybean sales only added about 250,000 bushels to Malaysia, Thailand, Indonesia and Canada, which were also partially offset by reductions to unknown destinations. 

Soybean export shipments, meantime, were much more robust – coming in at 33.2 million bushels. That was 56% above the prior week and 65% ahead of the four-week average. China was the No. 1 destination, followed by Mexico, Bangladesh, Germany and Vietnam. 

Corn exports posted net old crop sales of 33.6 million bushels, plus another 10.8 million bushels of new crop sales last week. Old crop sales were 13% below the prior week but 3% ahead of the four-week average. 

Corn export shipments were even higher, at 57.8 million bushels, but that was 6% below the prior week’s results and 99% below the four-week average. Mexico was the No. 1 destination, with 14.6 million bushels, followed by South Korea, Japan, Egypt and China. 

Wheat exports reached 4.1 million bushels in old crop sales plus another 12.5 million bushels in new crop sales for a total of 16.6 million bushels last week.

Wheat export shipments of 13.3 million bushels landed 12% lower than the prior week and 10% below the four-week average. South Korea was the top destination last week, with 3.1 million bushels, followed by the Philippines, Mexico, Guatemala and Venezuela.

Sorghum net sales found 1.2 million bushels last week from unknown destinations, South Africa and Mexico. Sorghum export shipments of just 436,987 bushels fell 83% below the prior week’s totals and 89% below the four-week average.

Cotton exports of 50,700 bales reached a marketing-year low, falling 67% below the prior week’s totals and 76% below the four-week average.

About the Author(s)

Ben Potter

Senior editor, Farm Futures

Senior Editor Ben Potter brings two decades of professional agricultural communications and journalism experience to Farm Futures. He began working in the industry in the highly specific world of southern row crop production. Since that time, he has expanded his knowledge to cover a broad range of topics relevant to agriculture, including agronomy, machinery, technology, business, marketing, politics and weather. He has won several writing awards from the American Agricultural Editors Association, most recently on two features about drones and farmers who operate distilleries as a side business. Ben is a graduate of the University of Missouri School of Journalism.

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