USDA’s latest grain export sales report, out Thursday morning and covering the week through May 7, didn’t hold a lot of bullish data points for traders to digest. Wheat sales were the lone bright spot, with old crop sale jumping 70% higher week-over-week and staying toward the higher end of analyst estimates. Corn sales eroded 50% lower week-over-week, in contrast, while old crop soybean sales fell to a new marketing-year low.
Corn exports reached 27.0 million bushels in combined old and new crop sales last week. Old crop sales slumped 52% below the prior four-week average, and total sales were below the entire set of trade guesses, which ranged between 39.4 million and 86.6 million bushels.
Corn export shipments were more robust, at 65.5 million bushels. That was still 7% below the prior four-week average, however. Mexico, South Korea, Colombia, Japan and Taiwan were the top five destinations.
Sorghum exports faced net sales reductions of 11,810 bushels last week after increases to Mexico were more than offset by decreases to China.
Old crop soybean sales fell to a marketing-year low of 3.8 million bushels, down 60% from the prior four-week average. New crop sales contributed another 3.0 million bushels, for a total volume of 6.8 million bushels last week. That was on the very low end of analyst estimates, which ranged between 3.7 million and 22.0 million bushels.
Soybean export shipments improved 26% week-over-week but slid 2% below the prior four-week average, with 24.7 million bushels. China, Egypt, Indonesia, Mexico and Canada were the top five destinations.
Wheat exports found 4.9 million bushels in old crop sales plus another 8.1 million bushels in new crop sales for a total of 13.0 million bushels last week. Old crop sales jumped 70% higher week-over-week and were 10% better than the prior four-week average. Total sales were toward the higher end of analyst estimates, which ranged between 5.5 million and 18.4 million bushels.
Wheat export shipments shifted 7% lower week-over-week but were 5% above the prior four-week average, with 16.2 million bushels. South Korea, Japan, Mexico, Taiwan and Venezuela were the top five destinations.
Click here for more highlights from today’s USDA export sales report.