For the week ending April 5, USDA export data unwrapped plenty of bullish – and a few bearish – details. Corn export sales were lackluster while export shipments of the commodity hit a historical high. Soybean export sales came in big, meantime, and wheat landed well below expectations.
Corn exports last week reached 33.1 million bushels in old crop sales and another 2.2 million bushels of new crop sales for a total of 35.3 million bushels in total sales. That was below trade estimates of 51.2 million bushels but far ahead of the weekly rate needed to reach USDA forecasts, now down to 15.6 million bushels.
Corn export shipments of 75.3 million bushels was a marketing-year high and the fourth-largest weekly total on record. Japan, Mexico, Vietnam and Saudi Arabia were the top destinations.
Soybean old crop sales last week totaled 55.5 million bushels, with another 35.1 million bushels in new crop sales for 90.6 million bushels in total sales. That was 33% more than the prior week and 74% above the prior four-week average. The weekly rate needed to reach USDA forecasts was pushed down to 5.6 million bushels.
Export shipments of 15.4 million bushels did not match the weekly rate needed to reach USDA forecasts, however, now at 24.8 million bushels. China, Egypt, Japan and Germany were the top destinations.
Wheat export sales came in at a tepid 6.9 million bushels last week – down from 11.4 million bushels from the week prior and less than half of the average trade guess of 16.5 million bushels. The weekly rate needed to reach USDA forecasts is still a reasonable 10.1 million bushels.
Wheat export shipments totaled 16.1 million bushels, up 2% from the prior week and 12% above the prior four-week average. Top destinations included Indonesia, China, the Philippines and Vietnam.
For a second straight week, sorghum net export sales were quite low – this time just 342,500 – after increases of 4.7 million bushels, mostly from China, were nearly wiped out by reductions from unknown destinations.
Cotton export sales of 179,400 bales were down 51% from the prior week and fell 46% below the prior four-week average.