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Weekly Export Sales – Grains gain momentum

Weekly Export Sales – Grains gain momentum
Corn, soybeans and wheat all post higher week-over-week results

The latest round of export sales data from USDA showed an uptick in volume for corn, soybeans and wheat for the week ending November 14.

Corn exports reached 32.8 million bushels in total sales last week, moving 36% higher from the prior week and 49% above the prior four-week average. That tally was also on the high end of trade estimates, which ranged between 5.7 million and 35.4 million bushels. Mexico took nearly half of the total, with 15.2 million bushels.

Corn export shipments found a marketing year high after reaching 26.5 million bushels and climbing 41% above the prior four-week average. Mexico was again the No. 1 destination, with 14.8 million bushels. Other top destinations included Colombia, Japan, Costa Rica and Panama.

Soybean export sales also improved week-over-week, reaching 55.7 million bushels – a 22% improvement from last week and 39% above the prior four-week average. The tally also topped analyst estimates, which ranged between 29.4 million and 51.4 million bushels. China was the top destination, with 20.9 million bushels, followed by Spain, Germany, Egypt and Bangladesh.

Soybean export shipments were for 62.7 million bushels – a marketing year high. China accounted for just over half of that total, with 32.1 million bushels, followed by Germany, Spain, Pakistan and Japan.

Soymeal export sales stayed close to analyst estimates, at 196,400 metric tons. Soyoil sales exceeded trade guesses, meantime, with 39,100 MT in total sales last week. Destinations primarily included a variety of Asian and Central America countries.

Wheat export sales boomed 83% higher week-over-week and 29% above the prior four-week average after reaching 16.1 million bushels. That was on the high end of trade guesses that ranged between 7.3 million and 18.4 million bushels. Unknown destinations led the charge, accounting for 4.9 million bushels. Other top destinations included Mexico, Japan, Indonesia and Colombia.

Wheat export shipments also trended slightly above the prior week’s tally and the prior four-week average after reaching 17.8 million bushels. Mexico, China, Thailand and the Philippines were among the leading destinations.

Click here for a full rundown of the latest USDA export sales highlights.

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