May 3, 2018
With the end of the 2017/18 marketing year drawing ever closer, do grain exports have a chance to keep pace with USDA forecasts? String together a few more weeks like the one ending April 26, and it’s certainly probable, although the specter of a U.S.-China trade spat continues to menace short-term soybean potential.
Corn exports notched 40.2 million bushels in old crop sales and another 1.9 million bushels in new crop sales for 41.2 million total bushels. That was good enough to moderately best the prior week’s total of 27.4 million bushels, as well as trade estimates of 35.4 million bushels. The weekly rate needed to reach USDA forecasts moved down to 12.1 million bushels.
Corn export shipments landed at 58.0 million bushels last week, which was down 13% from the prior week and fell 9% below the prior four-week average. Mexico was the No. 1 destination, with 14.4 million bushels, followed by Japan, Colombia, South Korea and Spain.
Soybean exports found 15.3 million bushels of old crop sales, plus another 17.3 million bushels of new crop sales, for a total of 32.6 million bushels. That was well ahead of the prior week’s total of 13.6 million bushels and moderately ahead of trade estimates of 25.7 million bushels. The weekly rate needed to reach USDA forecasts is now a slim 2.9 million bushels.
Soybean export shipments last week reached 25.4 million bushels, which was a 55% improvement from the prior week and 54% above the prior four-week average. China was still the No. 1 destination but only accounted for 7.1 million bushels. Other top destinations included Mexico, Indonesia, Egypt and Bangladesh.
Wheat exports totaled 8.6 million bushels in old crop sales last week, plus another 7.7 million bushels in new crop sales, for a total of 16.4 million bushels. That was more than double the prior week’s total of 7.7 million bushels and bested trade estimates of 12.9 million bushels. The weekly rate needed to reach USDA forecasts was trimmed to 14.1 million bushels.
Wheat export shipments of 10.5 million bushels were down 52% from the prior week and fell 41% below the prior four-week average. China was the No. 1 destination, with 4.6 million bushels, followed by Mexico, Guatemala, the Philippines and Algeria.
Despite huge tariffs levied on U.S. soybean imports to China, sorghum sales still ended in the black last week, gathering up 1.1 million bushels in net sales after increases from Spain, Colombia, South Africa and Taiwan more than offset reductions from China and unknown destinations.
Cotton export sales of 189,900 bales were 39% lower than the prior week and 34% below the prior four-week average.
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