Weekly Export Sales-Who’s Buying Soybeans?07/23/2018
As U.S.-China trade relations remain frosty, so have U.S. soybean exports to China in recent weeks. However, as the latest export data from USDA shows, China doesn’t necessarily have to be among the top recipients for U.S. soybean exports to have a good week. Corn and wheat exports also posted solid results for the week ending July 12.
Soybean export shipments reached 22.2 million bushels, which came in 18% below the prior week and 22% below the four-week average. Mexico was the No. 1 destination, with 4.4 million bushels. Other top destinations included Indonesia, the Netherlands, Iran and Pakistan.
Corn saw old crop sales up 59% from the prior week, at 25.2 million bushels, plus another 30.5 million bushels of new crop sales for a total of 45.7 million bushels. That exceeded the range of trade estimates for last week, which topped out at 43.3 million bushels.
Corn export shipments reached 50.9 million bushels, which was down 7% from the prior week and 16% off the four-week average. Mexico was the No. 1 destination, with 13.2 million bushels. Other top destinations included Japan, South Korea, Peru and Saudi Arabia.
Wheat export sales found 11.0 million bushels in new crop sales – up noticeably from dismal totals the prior week but still down 25% below the four-week average. That total landed in the middle of trade estimates, which ranged between 5.5 million and 18.4 million bushels. Top sales destinations included the Philippines, Thailand, Honduras, Argentina and Brazil.
Wheat export shipments topped 15.9 million bushels last week – a new best for the young 2018/19 marketing year, coming in 19% over the four-week average. The Philippines topped the destination list, with 4.5 million bushels, followed by Japan, Mexico, South Korea and Brazil.
Mexico reported net sales reductions of sorghum exports totaling nearly 6.0 million bushels last week, while accounting for a very small amount (31,494 bushels) of sorghum export shipments.