After several months into the 2017/18 marketing year (Sept. 1 for corn and soybeans, July 1 for wheat), it’s worth checking how weekly export sales are keeping up with the rate needed to reach USDA forecasts. So far, corn and soybean estimates are keeping pace, with wheat estimates slowly slipping behind.
Corn export sales totaled 34.5 million bushels. That’s 46% higher than a week ago (23.6 million bushels), but volume came in lower than trade estimates of 41.3 million bushels. The weekly rate needed to reach USDA’s forecast now stands at 26.2 million bushels.
Corn export shipments totaled 23.3 million bushels. The top destination for the week was Mexico, accounting for 8.0 million bushels. Following close behind was Colombia, with 6.7 million bushels. Other top destinations included Japan (4.1 million bushels), Panama (1.5 million bushels) and Peru (1.2 million bushels).
Soybean export sales tallied 74.1 million bushels in old crop sales and another 2.6 million bushels in new crop sales for a total of 76.7 million bushels. That was more than double the volume from the week prior (34.6 million bushels) and well above trade estimates of 48.7 million bushels. The weekly rate needed to reach USDA forecasts now sits at 23.5 million bushels.
Soybean export shipments nearly mirrored sales, at 74.1 million bushels. China captured more than half of that volume, with 46.7 million bushels. Other top destinations included Thailand (5.7 million bushels), Indonesia (4.5 million bushels) and Germany and the Netherlands (both with 2.5 million bushels).
Wheat export sales were much higher than a week ago (+74%), but still 22% below the four week average, with a volume of 11.9 million bushels. That was slightly below trade estimates of 12.9 million bushels and moderately lower than the weekly rate now needed to reach USDA forecasts (14.2 million bushels).
Wheat export shipments totaled 14.6 million bushels, which was 17% higher than the prior week and 41% better than the four-week average. Top destinations included Taiwan (3.6 million bushels), South Korea (2.0 million bushels), Mexico (1.7 million bushels), Japan (1.3 million bushels) and Indonesia (1.2 million bushels).
For a second consecutive week, sorghum export sales hit a marketing year high, this time with 16.0 million bushels. Export shipments were also at a marketing year high, up 19% from the week prior and substantially above the four-week average. China was the runaway No. 1 destination for both export sales and shipments, with 99%+ of the volume.
Cotton export sales of 186,600 bales were down 33% from the week prior and 45% lower than the four-week average.