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Weekly Export Sales – Soybeans bounce above expectations

Corn and wheat sales stay in the middle of trade guesses.

The latest batch of grain export data from USDA, out Thursday morning and covering the week ending August 6, showed soybean sales trending significantly higher last week. Corn and wheat sales were much more lackluster, but each crop’s tally stayed within the range of trade estimates.

Old crop soybean sales jumped 96% above the prior four-week average, reaching 20.9 million bushels. New crop sales added another 104.3 million bushels, for a total haul of 125.2 million bushels. That bested all trade estimates, which ranged between 44.1 million and 86.3 million bushels. China accounted for more than half of the total, with 78.1 million bushels. Cumulative totals for the 2019/20 marketing year are still moderately behind last year’s pace, with 1.509 billion bushels.

Soybean exports sales moved 36% higher week-over-week and bested the prior four-week average by 83%, with 40.6 million bushels. China was the No. 1 destination, with 23.1 million bushels. The Netherlands, Egypt, Mexico and Japan rounded out the top five.

Corn export sales were muted in comparison, notching 14.8 million bushels in old crop sales plus another 21.8 million bushels in new crop sales for a total tally of 36.6 million bushels. That landed in middle of trade guesses, which ranged between 15.7 million and 55.1 million bushels. South Korea topped destinations for old crop sales, with Colombia accounting for the most new crop sales. Cumulative totals for the 2019/20 marketing year are still well behind last year’s pace, with 1.576 billion bushels.

Corn export shipments boosted 43% above the prior four-week average, with 52.5 million bushels. China was the No. 1 destination, accounting for nearly a third of the total at 15.6 million bushels. Mexico, Colombia, Japan and South Korea filled out the top five.

Sorghum old crop sales jumped noticeably above the prior four-week average, with

11.1 million bushels. New crop sales were even better, at 20.8 million bushels. China and unknown destinations were the primary buyers. Cumulative totals for the 2019/20 marketing year have far outstripped last year’s pace, reaching 168.9 million bushels. Sorghum export shipments found a new marketing-year high last week, with 18.9 million bushels.

Wheat export sales were lackluster, spilling 45% below the prior four-week average to 13.5 million bushels. That was also on the low end of trade estimates, which ranged between 9.2 million and 29.4 million bushels. South Korea was the No. 1 buyer, with 4.3 million bushels. Cumulative totals for the first five weeks of the 2020/21 marketing years reached 183.6 million bushels, which is a bit higher than last year’s pace so far.

Wheat export shipments slid 18% below the prior four-week average to 17.2 million bushels. The Philippines topped all destinations, with 3.3 million bushels. Japan, China, Nigeria and Mexico rounded out the top five.

Click here to see more highlights from the latest USDA export report, covering July 31 through August 6.

 

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