The latest export sales report from USDA, covering the week ending January 23, offered a mixed bag of results. Corn emerged as the most bullish factor in today’s report, climbing 23% higher week-over-week and topping the prior four-week average by 99%. But wheat sales dipped 7% from a week ago, with soybeans tumbling 41% lower week-over-week.
Corn found 48.6 million bushels in old crop sales, plus another 5.7 million bushels in new crop sales, for a total of 54.3 million bushels. That beat out all trade guesses, which ranged between 24.8 million and 51.2 million bushels. Several countries – including Colombia, Mexico, Japan and Guatemala – each took more than 4 million bushels last week. Cumulative totals for the 2019/20 marketing year remain worrisome, however, with just 413.7 million bushels. That total remains 45% lower than a year ago.
Corn export shipments also climbed noticeably higher last week, with 28.6 million bushels. That bested the prior week’s tally by 74% and the prior four-week average by 44%. Mexico (10.9 million), Colombia (9.5 million) and Japan (3.5 million) accounted for the bulk of the total volume last week.
Soybean exports were far less impressive last week, coming in at 17.3 million bushels, which was 41% lower week-over-week and 11% below the prior four-week average. The tally was also on the low end of trade guesses that ranged between 14.7 million and 40.4 million bushels. China accounted for about three-fourths of the total, with 13.3 million bushels. Cumulative totals for 2019/20 are still 43% ahead of last year’s pace, at 935.4 million bushels.
Soybean export shipments fared better, with 45.2 million bushels, trending 17% higher than a week ago and 11% above the prior four-week average. China was the No. 1 destination, with 20.5 million bushels. Japan, Saudi Arabia, Spain and the Netherlands rounded out the top five.
Wheat export sales slipped 7% week-over-week but still climbed 49% above the prior four-week average after reaching 23.7 million bushels. Bangladesh was the No. 1 destination, with 6.1 million bushels. Japan, Mexico, Guatemala and unknown destinations filled out a diverse top five last week. Cumulative totals for 2019/20 remain 26% above last year’s pace, with 577 million bushels.
In contrast, wheat export shipments sputtered to a marketing-year low, with 8.0 million bushels. Mexico (2.7 million) and Japan (2.2 million) accounted for most of the total, with Indonesia, Thailand and Peru rounding out the top five.
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