August 9, 2018
With less than a month to go in the 2017/18 marketing year for corn and soybeans, those crops continue to post solid results, staying in line or even ahead of USDA forecasts. Wheat has already started its 2018/19 marketing year, meantime, and continues to come in sluggish compared to the prior year.
Corn export sales found 21.8 million bushels in old crop sales, plus another 25.9 million bushels in new crop sales, for a total of 47.7 million bushels. That was slightly ahead of trade estimates of 43.3 million bushels but slightly behind the prior week’s tally of 50.3 million bushels. The weekly rate needed to reach USDA forecasts eased again, slipping to 10.2 million bushels.
Corn export shipments of 42.8 million bushels aren’t keeping with the weekly rate needed to reach USDA forecasts, however, which are now up to 86.3 million bushels. Mexico tops the list of leading U.S. corn export commitments this marketing year, accounting for 25% of the total. Other top destinations have been Japan (19%), South Korea (10%), Colombia (8%) and Peru (5%).
Soybean export sales saw 15.5 million bushels in old crop sales and another 19.6 million bushels of new crop sales, for a total of 35.1 million bushels. That was moderately ahead of both trade estimates (25.7 million) and the prior week’s tally (23.4 million). For the 2017/18 marketing year, soybeans have notched 16.6 million bushels per week above USDA forecasts.
Soybean export shipments of 40.9 million bushels are also ahead of the weekly rate needed to reach USDA forecasts, now at 30.9 million bushels. For this marketing year, China still leads all destinations, accounting for 48% of total commitments. Other top destinations include the European Union (9%), Mexico (8%), and Indonesia (5%).
Wheat export sales tallied 11.7 million bushels in old crop sales last week – down slightly from trade estimates of 12.9 million bushels as well as the prior week’s total of 14.1 million bushels. One month into the 2018/19 marketing year, the weekly rate needed to reach USDA forecasts moved to 16.2 million bushels.
Wheat export shipments of 13.7 million bushels also lags behind the weekly rate needed to reach USDA forecasts, now at 19.8 million bushels. The Philippines leads all destinations for U.S. wheat export commitments so far, accounting for 15% of the total. Other top destinations include Japan (13%), unknown destinations (12%), Mexico (9%) and South Korea (9%).
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