Weekly Export Sales: Wheat limbo keeps going lower

New marketing year lows set for week ending Jan. 4.

Wheat export sales had already set the bar plenty low, posting a 2017/18 marketing year low of 4.8 million bushels two weeks ago. But wheat sales slumped even further for the week ending Jan. 4. Corn and soybean export sales made small comebacks, meantime. 

Wheat export sales totaled 2.6 million bushels last week – well below trade estimates of 12.9 million bushels. That amount was 45% below a week ago (despite being a marketing year low at the time), and 86% below the four-week average. The weekly rate needed to reach USDA’s forecasts have been upped to 12.6 million bushels.

Wheat export shipments were 10.7 million bushels, a 26% improvement from a week ago but 29% below the four-week average. The top destination was Mexico (2.4 million bushels), followed by Iraq (1.9 million bushels), Nigeria (1.3 million bushels), Japan (1.2 million bushels) and Indonesia (1.1 million bushels).

Corn export shipments rebounded from dismal marketing year lows two weeks ago (4.0 million bushels) with a total export sales of 17.2 million bushels. That was still below trade estimates of 21.7 million bushels, however, as well as the weekly rate needed to reach USDA’s forecast, now at 21.7 million bushels. It was also 54% below the prior four-week average.

Corn export shipments reached 35 million bushels, which was a 35% improvement from the week prior and 38% above the four-week averages. The No. 1 destination was Mexico, with 8.9 million bushels, followed by Colombia (7.9 million bushels), Peru (6.2 million bushels), South Korea (5.3 million bushels) and Japan (4.6 million bushels).

Soybean export sales tilted slightly higher than the prior week’s totals of 20.6 million bushels, with 22.7 million bushels in old and new crop sales. Totals were moderately behind trade estimates of 26.6 million bushels but stayed ahead of the weekly pace needed to reach USDA’s forecast, at 20.6 million bushels. 

Soybean export shipments came in at a more robust 56.8 million bushels, although that total was still 19% off the four-week average. The usual No. 1 destination – China – accounted for 32.2 million bushels. Other top destinations included Germany (8.1 million bushels), the Netherlands (3.1 million bushels), Mexico (2.8 million bushels) and Spain (2.6 million bushels). 

Sorghum export sales of 6.7 million bushels were up big from the prior week but 40% off the four-week average. Export shipments were down 29% from a week ago and 61% below the four-week average.

Cotton export sales of 274,500 bales extended 42% gains from the prior week and were 16% higher than the four-week average.

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