For the week ending July 19, U.S. soybean export sales notched another round of healthy numbers without any meaningful assistance from China, nearly doubling trade estimates. Corn and wheat sales were mixed, meantime, but continue to push forward in a mostly positive direction.
Soybeans saw 19.8 million bushels in old crop sales, plus another 35.4 million bushels in new crop sales, for a total of 55.2 million bushels. That was well ahead of the prior week’s total of 31.8 million bushels and trade estimates of 23.9 million bushels. With a little more than a month in the 2017/18 marketing year remaining, exports continue to push past the weekly rate needed to reach USDA forecasts – now exceeding that mark by a weekly rate of 8.8 million bushels.
China was a non-factor last week but is still the leading destination for 2017/18 U.S. soybean export commitments, accounting for 48% of all sales. The EU (5% of total sales) and Mexico (5%) round out the top three for this marketing year.
Soybean exports shipments hit 41.3 million bushels last week, up 51% from the prior week and 31% ahead of the four-week average. The Netherlands was the No. 1 destination, with 5.3 million bushels, followed by Egypt, Mexico, Bangladesh and Taiwan.
Corn export sales found 13.3 million bushels in old crop sales and 29.4 million bushels in new crop sales for a total of 42.8 million bushels. That was moderately behind the prior week’s total of 55.7 million bushels but mostly in line with trade estimates of 43.3 million bushels. As the 2017/18 marketing year winds down, the weekly rate needed to reach USDA forecasts is a manageable 12.4 million bushels.
Mexico and Japan lead the way for 2017/18 U.S. corn export commitments, accounting for 25% and 19% of the total, respectively. South Korea (10%), Colombia (8%) and Peru (5%) round out the top five.
Corn also tallied 42.0 million bushels in export shipments, which was 1% lower than the prior week’s total and 10% below the four-week average. Mexico was the No. 1 destination, with 13.3 million bushels. Other top destinations included Japan, South Korea, Colombia and Peru.
Wheat export sales reached 14.2 million bushels old crop sales last week for the 2018/19 marketing year, which began July 1. That total moved ahead of the prior week’s 11.0 million bushels and landed slightly ahead of trade estimates of 12.9 million bushels. The weekly rate needed to reach USDA forecasts moved slightly higher, to 16.1 million bushels.
“Unknown destinations” represent the top destination for U.S. wheat export commitments so far in the 2018/19 marketing year, accounting for 16% of the total. The Philippines (14%), Japan (13%), South Korea (10%) and Mexico (9%) round out the top five.
Wheat export shipments totaled 13.8 million bushels – down 6% from the prior week but 12% ahead of the four-week average. Japan was the No. 1destination, with nearly 3.0 million bushels. Other top destinations included Mexico, South Korea, Iraq and the Philippines.
Sorghum saw another light week of export sales, with just 39,000 bushels earmarked for Japan. Sorghum export shipments totaled almost 512,000 bushels that were bound primarily for Japan (with a small remainder headed to Mexico).