Soybean Exports Continue On Unprecedented Pace

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Includes: CORN, SOYB, WEET
by: T. Marc Schober

Summary

Weekly net corn sales were 962,800 MT, an 18% decrease from last week, but an 8% increase from the prior 10-week average.

Weekly net soybean sales were 810,300 MT, a 31% decrease from last week and a 33% decrease from the prior 10-week average.

Weekly net wheat sales were 442,300 MT, a 39% increase from last week and an 11% increase from the prior 10-week average.

Soybean exports over the past six weeks have totaled almost 15.5 million metric tons (NYSE:MT), a feat that required 10 weeks to accomplish a year ago. China continues to be the main destination receiving over 60% of the soybeans. Corn and wheat exports decreased. Wheat sales increased, but both corn and soybean sales decreased.

The USDA Word Agriculture Supply and Demand Estimates (WASDE) released yesterday expressed the torrent pace of U.S. soybean exports by lowering the expected carry out for the current marketing year.

Weekly net corn sales were 962,800 MT, an 18% decrease from last week, but an 8% increase from the prior 10-week average. Increases were reported from Japan, Mexico, South Korea, Peru, and Colombia. Decreases were reported from unknown destinations, Nicaragua, and Guatemala. Exports were 678,300 MT, a 9% decrease from last week and a less than 1% decrease from the prior 10-week average. The primary destinations were Japan, Peru, Mexico, and Colombia.

Weekly net soybean sales were 810,300 MT, a 31% decrease from last week and a 33% decrease from the prior 10-week average. Increases were reported from Spain, China, Japan, the United Kingdom, South Korea, Egypt, and Mexico. Decreases were reported from unknown destinations, the Netherlands, Costa, Rica, and Russia. Exports were 2,412,000 MT, an 18% increase from last week and a 20% increase from the prior 10-week average. Primary destinations were China, Spain, Taiwan, Turkey, Mexico, and Saudi Arabia.

Weekly net wheat sales were 442,300 MT, a 39% increase from last week and an 11% increase from the prior 10-week average. Increases were reported from Japan, the Philippines, Italy, Colombia, and Mexico. Decreases were reported from South Africa and unknown destinations. Exports were 331,000 MT, a 26% decrease from last week and an 18% decrease from the prior 10-week average. Primary destinations were Mexico, Japan, South Korea, Nigeria, and Algeria.

Source: USDA Foreign Agricultural Service

Source: USDA Foreign Agricultural Service

Disclosure: The author has no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

The author wrote this article themselves, and it expresses their own opinions. The author is not receiving compensation for it. The author has no business relationship with any company whose stock is mentioned in this article.