Weekly Export Sales: Soybeans find a big bumpWeekly Export Sales: Soybeans find a big bump
Corn and wheat volume slips week-over-week in the latest USDA report.
August 23, 2018
Soybean export sales emerged strong for the week ending Aug. 16, bouncing more than 84% above the prior week’s effort. Corn’s weekly export tally, meantime, slipped slightly below the prior week’s sales, with wheat volume retreating significantly from the prior week’s marketing-year high.
Soybean exports saw 5.6 million bushels of old crop sales plus another 42.2 million bushels of new crop sales last week, for a total of 47.8 million bushels. That nearly doubled the prior week’s effort of 25.9 million bushels, along with the average trade guess of 26.6 million bushels. With just a few more weeks in the 2017/18 marketing year, soybean export sales have exceeded USDA forecasts by an average of 24.5 million bushels weekly.
Soybean export shipments reached 23.0 million bushels last week, pushing the rate needed to reach those USDA forecasts up to 53.5 million bushels. China leads all destinations of U.S. export commitments for 2017/18, accounting for 48% of the total, and has a few more bushels in the works, according to Farm Futures senior grain market analyst Bryce Knorr.
“China didn’t cancel any soybeans but still has 11.3 million bushels of unshipped 2017 crop sales on the books with three weeks left in the marketing year,” he notes. “China did book another load of sorghum, but without big buying from China sales of that feed grain remains slow.”
Indonesia was the top destination for U.S. soybean shipments last week, with 4.0 million bushels, followed by the Netherlands, Germany, Pakistan and Egypt.
Corn exports churned along last week, finding 6.8 million bushels in old crop sales and another 41.5 million bushels in new crop sales for a total volume of 48.4 million bushels. That was moderately behind the prior week’s tally of 54.5 million bushels but just ahead of trade estimates of 47.3 million bushels. The rate needed to reach weekly USDA forecasts of old crop corn exports decreased to 10.4 million bushels.
Corn export shipments of 51.7 million bushels topped the prior week’s total by 8% but fell 5% below the prior four-week average. Japan was the top destination, with 14.3 million bushels, followed by Mexico, Colombia, Taiwan and Indonesia. Mexico and Japan are the top cumulative destinations for U.S. corn export commitments, accounting for 25% and 20% of the total, respectively.
Wheat exports nabbed another 8.8 million bushels of sales last week, falling significantly beneath trade estimates of 23.9 million bushels and the prior week’s tally of 29.5 million bushels. The weekly rate needed to reach USDA forecasts moved higher, to 17.3 million bushels.
Wheat export shipments of 17.0 million bushels came in unchanged from the prior week and 15% higher than the four-week average. Japan was the top destination, with 5.2 million bushels, followed by Yemen, Indonesia, Nigeria and Chile. The Philippines tops the marketing year’s top destinations for U.S. wheat export commitments, accounting for 15% of the total.
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