USDA Export Sales

USDA Export Sales

Soybeans🌱: 73,900 MT
corn🌽: 31,200 MT
wheat🌾: 402,500 MT

Analysis 

31,200 MT of current year corn and 73,900 of beans, both at the bottom of what an end of marketing year report can produce. All three Inside the estimate range. New crop beans at 31.7 percent of the USDA estimate against a 24.2 percent five year average, 7.5 points ahead. Corn runs the other way at 15.3 percent against 19.9, and wheat at 39.2 against 42.9. Wheat is the one commodity still generating real current year sales at 403K, with Mexico, Japan, Vietnam, Philippines, and Sri Lanka all in the 63 to 79K range.

Bean new crop outstanding is 14.33 million MT, more than tripling since late June. China at 1,101K and Unknown at 1,046K combined for 2.48 million this week alone. Corn new crop added another 1,066K with Mexico at 209K and Honduras at 93K stepping up, but the 15.3 pace against a 19.9 average says the 26/27 corn program still has ground to make up. Loadings of 1,459K in corn and 452K in beans confirm old crop execution is winding down. The 25/26 marketing year closes in ten days. Next week’s report is the last one before the slate resets.