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Weekly Export Sales – Corn takes a step back

Soybeans and wheat sales climb from a week ago but fail to match their four-week averages

USDA’s newest export report, covering the week ending April 16, showed soybeans and wheat sales headed in a positive direction, even though overall totals were still lackluster. Old crop corn sales were down nearly 50% from the prior four-week average, meantime, with cumulative totals for the 2019/20 marketing year still dismally behind last year’s pace.

Corn exports notched 28.6 million bushels in old crop sales last week and had a net reduction of 2.2 million bushels in new crop sales for a total tally of 26.4 million bushels. Old crop sales were down 20% from a week ago and 49% below the four-week average. Total sales were on the very low end of all trade guesses, which ranged between 25.6 million and 55.1 million bushels. Total sales this marketing year have reached 852.3 million bushels, versus 1.319 billion bushels at the same time last year.

Corn export shipments were also down 32% week-over-week and 28% below the prior four-week average, with 32.7 million bushels. Mexico was again the No. 1 destination, with 11.2 million bushels. Colombia, South Korea, Vietnam and Japan rounded out the top five.

Sorghum continues to be “the little engine that could,” churning out another 4.5 million bushels in total sales last week. China was again the primary buyer, with 2.8 million bushels. Total sales for the 2019/20 marketing year are at 67.1 million bushels, which has almost doubled last year’s pace of 35.1 million bushels.

Soybean exports found 12.7 million bushels in old and new crop sales last week, which boosted 41% above the prior week’s tally (which was a marketing-year low) but was still 48% below the prior four-week tally and beneath all trade estimates, which ranged between 12.9 million and 38.6 million bushels. Spain was the top destination last week, with 2.3 million bushels, and followed closely by Egypt, Bangladesh and Indonesia. Cumulative totals for the 2019/20 marketing year are still maintaining a modest lead over last year’s pace, with 1.219 billion bushels.

Soybean export shipments trended 1% higher than a week ago and 8% above the prior four-week average, with 19.4 million bushels. China was the No. 1 destination, with just under 5.0 million bushels. Indonesia, Spain, Egypt and Bangladesh rounded out the top five.

Wheat old crop sales firmed 37% week-over-week but remained 22% below the prior four-week average, with 9.0 million bushels. New crop sales added another 5.7 million bushels for a total haul of 14.7 million bushels, putting it on the low end of trade estimates that ranged between 11.0 million and 31.2 million bushels. The Philippines was the top buyer last week, with 2.4 million bushels. Cumulative totals for the 2019/20 marketing year are still moderately ahead of last year’s pace after reaching 787 million bushels.

Wheat export shipments are seeing a choppy pace, moving 25% lower from a week ago but firming 21% above the prior four-week average, with 19.9 million bushels. Mexico (3.7 million) and Japan (3.1 million) were the top two destinations, followed by Indonesia, the Philippines and Taiwan.

Click here to see all of last week’s export sales data from USDA.

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