The latest USDA export sales report, out Thursday morning and covering the week through July 30, showed old crop corn sales slumping to a marketing year – although an influx of new crop sales were much more bullish. Total soybean sales were relatively disappointing after sliding below analysts’ expectations. And wheat sales found rangebound results after inching slightly higher week-over-week.
Corn exports found 4.6 million bushels in old crop sales (a marketing year low, slumping 68% lower week-over-week), plus another 40.4 million bushels in new crop sales, for a total tally of 45.0 million bushels. Total sales were near the middle of trade guesses, which ranged between 35.4 million and 59.1 million bushels.
Corn export shipments improved 14% versus the prior four-week average after reaching 75.8 million bushels. Mexico, South Korea, Colombia, Japan and Spain were the top five destinations.
Sorghum exports only reached 362,000 bushels last week but were still 20% above the prior week’s total. That grain is bound for China and Mexico. Sorghum shipments fared much better, climbing noticeably above the prior four-week average to 4.0 million bushels, with that grain headed to China, Eritrea and Mexico.
Soybean exports also saw old crop sales also spill to a marketing year low last week, reaching 1.2 million bushels. New crop sales of 33.2 million bushels bumped total sales up to 34.4 million bushels, however. That was still below the entire set of analyst estimates, which ranged between 36.7 million and 80.8 million bushels.
Soybean export shipments were down 29% week-over-week and faded 24% below the prior four-week average, to 12.7 million bushels. Indonesia, Mexico, the Netherlands, Egypt and Taiwan were the top five destinations.
Wheat exports inched 4% higher week-over-week and 6% above the prior four-week average, with 10.9 million bushels. That was also very near the middle of analyst estimates, which ranged between 7.3 million and 14.7 million bushels.
Wheat export shipments were robust after climbing 46% above the prior four-week average and reaching 15.4 million bushels. South Korea, Thailand, the Philippines, Japan and Mexico were the top five destinations.
Click here for more highlights from the latest USDA export sales report.