Wheat export sales had the best results so far of its young 2018/19 marketing year for the week ending June 21, with corn and soybean sales rebounding from tepid results the prior week, while also beating out trade expectations. 

Corn export sales chalked up 33.5 million bushels in old crop sales, plus another 25.1 million bushels in new crop sales, for a total of 58.5 million bushels. That nearly tripled the prior week’s total of 19.9 million bushels and came in moderately ahead of trade expectations of 44.3 million bushels. The rate needed to match USDA’s weekly forecasts for old crop sales is now just 4.6 million bushels. 

Corn export shipments last week reached 40.9 million bushels. So far for the 2017/18 marketing year, which wraps up at the end of August, Mexico has been the leading destination for corn export commitments, accounting for one-fourth of the total amount. Other top destinations include Japan (19%), South Korea (9%) and Colombia (8%). 

Soybean exports saw 13.2 million bushels in old crop sales last week, plus another 23.6 million bushels in new crop sales, for a total of 36.8 million bushels. That nearly doubled the prior week’s total of 19.5 million bushels and came in significantly higher than trade estimates of 35.7 million bushels. Soybeans have surpassed the weekly rate needed to reach USDA forecasts for old crop sales by an average of 2.2 million bushels per week.

Despite some China cancellations, the overall export numbers looked good for soybeans, notes Bryce Knorr, senior grain market analyst with Farm Futures.

“Plenty of other countries want soybeans at cheap prices, even if China can’t buy,” he says. 

Soybean export shipments last week totaled 42.6 million bushels. For the 2017/18 marketing year, China has accounted for 50% of the total, although its share of the pie has diminished in recent weeks in light of current struggles with U.S.-China trade relations. Other top destinations include Mexico (7%), the European Union (7%) and unknown destinations (6%). 

Wheat export sales last week added another 20.7 million bushels in new crop sales, besting the prior week’s total of 17.0 million bushels and landing well ahead of trade estimates of 13.8 million bushels. The total was also good enough to stay ahead of the weekly rate needed to reach USDA forecasts, now at 15.2 million bushels.

Wheat export shipments last week reached 13.5 million bushels. The leading destination for export commitments in the 2018/19 marketing year so far has been unknown destinations, accounting for 20% of the total. Other top destinations include Japan (14%), the Philippines (13%), South Korea (10%) and Mexico (9%).

There were no sorghum export sales reported last week.

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