Corn export sales haven’t had many bullish weeks so far in the 2017/18 marketing year, which began September 1. But for the week ending November 2, the crop posted its strongest export sales volume yet. Wheat export sales also landed higher than trade estimates, while soybean sales slumped. The numbers were good enough to hand grain prices small gains ahead of Thursday’s USDA World Agricultural Supply and Demand Estimates (WASDE) report.
Corn saw 93.1 million bushels in old crop sales and 22.6 million bushels in new crop sales for a total of 115.7 million bushels in export sales for the week. That was nearly double the prior week’s volume (62.7 million) and more than double the trade estimates (55.1 million bushels). The rate to reach USDA’s forecast has now tightened to 25.3 million bushels weekly.
Corn export shipments for the week totaled 19.3 million bushels, down slightly from a week ago. Primary destinations included Mexico (6.8 million bushels), Colombia (4.5 million bushels), Japan (2.7 million bushels), Honduras (1.6 million bushels) and Peru (1.4 million bushels).
Soybeans, in contrast, fell below last week’s export sales volume (64.2 million bushels) and trade estimates (57 million bushels), landing at 42.7 million bushels in total sales. Even so, last week’s volume still keeps the crop ahead of the rate needed to reach USDA’s forecast, which is now 25.4 million bushels weekly.
Soybean export shipments were more robust, at 92.6 million bushels. China captured the bulk of that volume, with 65.8 million bushels. Other top destinations included Mexico (5.8 million bushels), the Netherlands (3.1 million bushels), Saudi Arabia (2.6 million bushels) and Egypt (2.4 million bushels).
Wheat export sales captured a marketing year high for 2017/18, with 28.7 million bushels in total sales. That was well ahead of the prior week (6.5 million bushels) and trade estimates (16.5 million bushels). The rate needed to meet USDA’s forecast has now slipped slightly to 12.9 million bushels weekly.
Wheat export shipments were down 21% from the week prior, but still stayed 5% higher than the four-week average. Top destinations included Mexico (2.0 million bushels), the Philippines (1.5 million bushels), South Korea (1.2 million bushels), South Korea (1.2 million bushels), Nigeria (1.2 million bushels) and Guatemala (1.2 million bushels).
Sorghum notched another 12.1 million bushels in export sales, with about 81% of that volume earmarked for unknown destinations and the remainder headed to China.
Cotton export sales slipped slightly with 205,300 bales – 2% lower than the week prior and 9% below the four-week average.