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Weekly Export Sales – Another mixed round of results

Soybeans recover, while corn volume maintains bullish pace.

USDA’s latest grain export sales data showed positive trends emerging for corn and soybeans, while wheat volume struggled to gain momentum from last week’s healthy pace. The agency’s latest report, out Thursday morning, covered the week ending January 30.

Corn export old crop sales reached 49.1 million bushels last week, edging 1% above the prior week’s tally and maintaining a 57% lead over the prior four-week average. That total was also moderately above the average trade guess of 42.4 million bushels. New crop sales added an additional 3.6 million bushels to the bottom line. Cumulative totals for the 2019/20 marketing year are now at 437.3 million bushels, versus last year’s pace of 758.5 million bushels. Mexico (17.3 million), Japan (12.8 million) and Colombia (5.8 million) accounted for the bulk of last week’s sales, which has been typical so far in 2020.

In contrast, corn export shipments last week fell 12% below the prior week’s tally to 23.6 million bushels, which still bested the prior four-week tally by 12%. Mexico accounted for nearly half of the total, taking nearly 11.0 million bushels. Japan, Guatemala, Costa Rica and Colombia filled out the top five.

Soybean export sales rebounded 76% higher from a dismal performance the prior week to reach 25.9 million bushels, which was also 29% better than the prior four-week average and topping the average trade guess of 20.2 million bushels. China was conspicuously absent from last week’s data set due to the country’s Lunar New Year holidays, with Egypt (9.7 million), the Netherlands (7.6 million) and Taiwan (4.3 million) leading the way. For the 2019/20 marketing year, cumulative sales maintain a healthy lead over last year’s pace, with 986.1 million bushels.

Soybean export shipments were for 53.2 million bushels last week, which was a 25% improvement over the prior week’s tally and 28% better than the prior four-week average. China took more than a third of that total, with 20.3 million bushels. The Netherlands, Taiwan, Spain and Mexico rounded out the top five.

Wheat export sales were relatively disappointing after reaching 12.4 million bushels last week. That was 48% below last week’s tally and 35% lower than the prior four-week average. Totals also came in on the low end of trade estimates that ranged between 7.3 million and 27.6 million bushels. Cumulative sales in 2019/20 remain moderately ahead of last year’s pace, however, with 591.9 million bushels.

Wheat export shipments fared better, with 14.9 million bushels – good enough to top the prior week’s tally by 85% and edge 4% above the prior four-week average. The Philippines was the No. 1 destination, with 4.9 million bushels, followed by Japan, South Korea, Mexico and Taiwan.

Click here for more export sales highlights from USDA.

 

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