Posted on July, 19, 2024 at 10:08 am
USDA’s latest set of grain export data, out Thursday morning and covering the week through July 11, didn’t have many surprises for traders to unpack. Corn volume led the way once again but stayed near the middle of analyst expectations. Soybeans were also near the middle of trade guesses, while wheat found somewhat bullish results.
Corn exports reached 36.4 million bushels in combined old and new crop sales. Old crop sales were down 19% week-over-week and 10% below the prior four-week average. Total sales were near the middle of trade guesses, which ranged between 20.7 million and 47.2 million bushels. Cumulative sales for the 2023/24 marketing year are more than 400,000 bushels ahead of last year’s pace after reaching 1.817 billion bushels.
Corn export shipments were very close to the prior four-week average, with 43.4 million bushels. Mexico, Japan, Taiwan, South Korea and Colombia were the top five destinations.
Sorghum export sales were 43% better than the prior four-week average, with 2.4 million bushels. China was the lone destination. Cumulative sales for the 2023/24 marketing year are still more than tripling last year’s pace after reaching 205.6 million bushels.
Soybean exports notched 27.0 million bushels in combined old and new crop sales last week. Old crop sales were 13% better than the prior four-week average. Total sales were toward the higher end of analyst estimates, which ranged between 7.3 million and 36.7 million bushels. Cumulative sales for the 2023/24 marketing year remain moderately lower than last year’s pace, with 1.530 billion bushels.
Soybean export shipments faded 38% below the prior four-week average to 7.4 million bushels. Mexico, Indonesia, South Korea, Japan and Vietnam were the top five destinations.
Wheat exports reached 21.3 million bushels last week, which was noticeably higher week-over-week and 1% better than the prior four-week average. That was also on the very high end of analyst estimates, which ranged between 8.3 million and 22.0 million bushels. Cumulative totals for the 2023/24 marketing year are moderately better than last year’s pace so far, with 80.5 million bushels.
Wheat export shipments jumped 96% above the prior four-week average, with 23.2 million bushels. Mexico, South Korea, Taiwan, China and Peru were the top five destinations.
Source: Farm Progress