Despite a few bumps in the road, soybeans have been steadily climbing out of a late-summer slump that bottomed out in mid-August. Another week of better-than-expected export sales may keep the upward trend going.
In the latest USDA Weekly Export Sales report (for the week ending Sept. 7), soybeans beat USDA and trade estimates for a second week running, with 59.3 million bushels reported in old crop sales. Trade estimates were for 42.3 million bushels, while the USDA forecast was only for 24.9 million bushels.
Soybean export shipments were also slightly ahead of USDA forecasts, at 42.3 million bushels, compared to a 41.0 million bushel forecast. Primary destinations included China (25 million bushels), Indonesia (3.8 million bushels), Mexico (3.1 million bushels), Vietnam (2.6 million bushels) and Pakistan (2.4 million bushels).
Corn was not able to match the pace set by soybeans. For the week ending Sept. 7, corn old crop sales fell to 41.2 million bushels, down from 58.3 million bushels from the week prior. Sales still managed to beat the USDA forecast and trade estimates, however. USDA had forecast 29.6 million bushels in export sales, while trade estimates were more optimistic with 37.4 million bushels. Top sales were reported for Mexico, Colombia, Japan and Korea, with some reductions reported from Panama.
Corn export shipments totaled 28.1 million bushels last week. That includes primary destinations of Mexico (15.2 million bushels), Colombia (3.9 million bushels), Japan (3.4 million bushels), Peru (2.0 million bushels) and Venezuela (1.2 million bushels).
Wheat posted an anemic 11.6 million bushels in old crop sales for the week ending Sept. 7. That was below last week’s totals (13.8 million), the trade estimates (16.5 million) and USDA forecasts (13.6 million). Net sales were down 16% from a week ago and 34% off the four-week average.
Export shipments were 16.2 million bushels, also down from the USDA forecast of 18.6 million bushels but up 94% from a week ago as rail and port disruptions from last month’s Hurricane Harvey get back online. The pace still lags 12% behind the four-week average. Primary destinations included Japan (5.7 million bushels), Mexico (3.0 million bushels), Colombia (2.4 million bushels), Thailand (1.8 million bushels) and Venezuela (1.1. million bushels).
Sorghum sales totaled 8.7 million bushels in new crop sales, primarily from China and unknown destinations, and partially offset by small reductions from Mexico.