Exports top analyst estimates after lackluster results the prior week.

Ben Potter, Senior editor

September 7, 2018

2 Min Read
TESTING CORN: Corn processors are aware of mycotoxin concerns from the 2016 corn crop. Ethanol plants have stepped up their mycotoxin testing and are letting their corn suppliers know the maximum level they will accept.DarcyMaulsby/ThinkstockPhotos

After a round of mediocre results the prior week, corn exports for the week ending August 30 rebounded by more than 50%, with soybean and wheat totals slipping slightly as the 2017/18 marketing year concludes for corn and soybeans and the 2018/19 marketing year for wheat wraps up its third month. 

Corn exports found 1.2 million bushels in old crop sales and another 40.7 million bushels in new crop sales for a total of 41.9 million bushels, moving significantly ahead of the prior week’s tally of 27.6 million bushels and landing well ahead of trade estimates of 34.5 million bushels. Old-crop commitments reached 99% of USDA forecasts, falling just short. 

Corn export shipments of 47.6 million bushels dropped 10% from the prior week and came in 8% below the prior four-week average. Through August 30, Mexico was the top destination in 2017/18, accounting for 26% of the total. Other top destinations included Japan (20%), South Korea (10%), Colombia (8%) and Peru (5%). 

Soybean exports landed 24.7 million bushels in new crop sales last week, sliding below the prior week’s total of 25.8 million bushels but besting trade estimates of 22.1 million bushels. Soybean exports conclude the 2017/18 marketing year above USDA estimates, surpassing that total by a weekly average of 53 million bushels. 

Soybean export shipments of 26.6 million bushels dropped 26% below the prior week’s total and 7% below the prior four-week average. China concludes the 2017/18 marketing year as the leading destination for U.S. soybean export commitments, accounting for 47% of the total. Other top destinations included the European Union (10%), Mexico (8%), Indonesia (5%), Egypt (4%) and Japan (4%). 

Wheat exports grabbed 14.0 million bushels in total sales last week. Like soybeans, that total was slightly below the prior week’s total of 15.2 million bushels but surpassed trade estimates of 12.9 million bushels. The weekly rate needed to reach USDA forecasts is now 17.4 million bushels.

Wheat export shipments of 10.5 million bushels trended 29% lower than the prior week and 31% below the prior four-week average. The Philippines landed as the top destination last week, with 4.1 million bushels. So far in the 2018/19 marketing year, the Philippines also leads all destinations for U.S. wheat export commitments, accounting for 16% of the total. Other top destinations include Mexico (12%), Japan (12%), South Korea (9%) and unknown destinations (7%).

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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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