Grain markets were preoccupied with the upcoming USDA World Agricultural Supply and Demand Estimates (WASDE) reports, out later Thursday, but the agency’s weekly export sales report snuck in a positive round of data, especially for corn and soybeans.
Corn found 73.1 million bushels in old crop sales and another 2.8 million bushels in new crop sales for the week ending March 1. Totals topped the prior week’s export sales, at 69.0 million bushels, and was well above trade estimates of 51.2 million bushels. The weekly rate needed to reach USDA forecasts is now at 16.6 million bushels.
Corn export shipments reached 42.4 million bushels, which was 13% below the prior week but 10% ahead of the four-week average. Last week’s No. 1 destination was Mexico, with 11.6 million bushels. Other top destinations included Japan, South Korea, Colombia and the Netherlands.
Soybean export sales nearly doubled trade estimates of 49.6 million bushels, with a total of 97.5 million bushels in old crop and new crop sales. That represented an even bigger jump from the prior week’s total of 31.5 million bushels, and pushes the weekly rate needed to reach USDA forecasts down to 12.9 million bushels.
Soybean export shipments reached 36.7 million bushels, which was 11% higher than a week ago but 12% below the prior four-week average. China was the typical No. 1 destination, with 9.4 million bushels. Other top destinations included Egypt, Bangladesh, Mexico and the Netherlands.
Wheat found 14.4 million bushels in old crop sales and another 1.4 million bushels in new crop sales last week. That was well ahead of the prior week’s total of 8.2 million bushels and slightly ahead of trade estimates of 14.7 million bushels. The weekly rate needed to reach USDA forecasts is now 13.6 million bushels.
Wheat export shipments reached 13.6 million bushels last week, which is 9% above the prior week but 15% below the four-week average. South Korea was the No. 1 destination, with 2.7 million bushels. Other top destinations included Mexico, Colombia, Iraq and Japan.
China accounted for all sorghum export shipments last week, with 16.6 million bushels.
Cotton net sales of 383,900 bales trended 31% higher than a week ago and 5% ahead of the four-week average.