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Soybean sales hang on for small gains compared to the prior week.

Ben Potter

August 30, 2018

3 Min Read
Stewart-Sutton/Thinkstock

For the week ending Aug. 23, weekly export sales for corn and wheat stumbled versus the prior week, while soybeans held on for small week-over-week gains. Just one week in corn and soybean’s 2017/18 marketing year remains.

 
Soybean exports found 4.1 million bushels in old crop sales and other 21.7 million bushels in new crop sales for a total of 25.8 million bushels. That was moderately below trade estimates of 32.2 million bushels but bested the prior week’s total of 23.0 million bushels.
 
China was a relative non-factor last week for export shipments but continues to lead all destinations for U.S. soybean export commitments this marketing year, accounting for 47% of the total, according to Farm Futures senior grain market analyst Bryce Knorr.
 
“China cancelled another cargo of U.S. soybeans last week, 2.2 million bushels, but continues to buy small container loads,” he says. “With one week left in the marketing year China still has 9 million bushels of unshipped old crop sales on the books, and has also bought 49 million bushels of new crop, down from 184 million already done at the same time last year.”
 
Other top destinations for U.S. soybean export commitments in 2017/18 include the European Union, accounting for 10% of the total, followed by Mexico (8%), Indonesia (5%), Egypt (4%) and Japan (4%).
 
Corn exports saw 6.9 million bushels in old crop sales, plus another 20.7 million bushels in new crop sales, for a total of 27.6 million bushels. That was nearly half of the prior week’s total of 51.7 million bushels and well below trade estimates of 39.4 million bushels. As the 2017/18 marketing year wraps up, exports need to tally just 16.5 million bushels in old crop sales next week to match USDA forecast.
 
Corn export shipments reached 52.9 million bushels last week, leaving the rate needed to reach USDA forecasts at a mostly unmanageable 195.2 million bushels. For the 2017/18 marketing year, Mexico is the leading destination for U.S. corn export commitments, accounting for 25% of the total. Other top destinations include Japan (20%), South Korea (10%), Colombia (8%) and Peru (5%).
 
Wheat exports notched 15.2 million bushels in sales last week, moving ahead of trade estimates of 12.9 million bushels but falling behind the prior week’s total of 17.0 million bushels. Nearly two months into the 2018/19 marketing year (which began July 1), wheat needs 17.3 million bushels per week to match USDA forecasts.
 
Wheat export shipments totaled 15.0 million bushels last week. So far in 2018/19, the Philippines is the leading destination for U.S. wheat export commitments, accounting for 16% of the total. Other top destinations include Japan (13%), Mexico (12%), unknown destinations (9%), South Korea (8%) and Nigeria (5%).

 

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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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