[ad_1]
The USDA’s latest export sales report, released Friday morning and covering the week ending Dec. 28, showed results that were too anemic for analysts to digest. In fact, corn, soybean, and wheat sales all failed to meet even the lowest trade forecasts. In particular, statistics for old crops corn and soybeans have fallen to their lowest values in the market year.
Corn exports last week were only 5.4 million bushels, new and old. Old crop sales fell by 70% compared to the previous week, marking the market’s lowest price in a year. Analysts offered trade estimates ranging from 19.7 million to 49.2 million bushels, but they were wide of the mark. The 2023/24 marketing year total so far is still slightly above last year’s pace at 487.8 million bushels.
Corn export shipments were 26.8 million bushels, 33% below the four-week average. Mexico, Japan, Colombia, Canada and Honduras were the top five destinations.
Sorghum export sales increased 59% week over week but were 83% below the prior four-week average at just under 750,000 bushels. This was as increases to China were partially offset by decreases from destination unknown and Japan. The 2023/24 marketing year total remains well above last year’s pace at 75.9 million bushels.
Soybean exports last week totaled only 7.4 million bushels, new and old. Old crop sales hit the lowest level of the market year, he said, 85% below the average for the past four weeks. Total sales were also significantly below the overall trade estimate range of 18.4 million to 51.4 million bushels. Cumulative volumes for the 2023/24 marketing year are trending slightly below last year’s pace so far at 842 million bushels.
Soybean export shipments were 36.8 million bushels, 19% below the four-week average. China, Spain, the Netherlands, Bangladesh and Mexico were the top five destinations.
Wheat exports brought in 5 million bushels of sales last week, combining old and new crops. Old crop sales were 79% below the average for the past four weeks. Total sales fell short of overall analyst expectations (5.5 million to 18.4 million bushels). Cumulative sales for the 2023/24 marketing year are still slightly below last year’s pace so far at 343.8 million bushels.
Wheat export shipments were 2% below the average for the past four weeks, at 10.5 million bushels. The Philippines, China, Mexico, South Korea and Spain were the top five destinations.
click here See more highlights from the latest UDSA Export Sales Report.
[ad_2]
Source link
