USDA Export Sales

USDA Export Sales

🌽 Corn: 1,303,940 MT | 28.2% of USDA Est
🌱 Soybeans: 2,576,396 MT | 63.7% of USDA Est
🌾 Wheat: 849,770 MT | 54.6% of USDA Est

Analysis 

Soybeans came in at 2.576 million tonnes, with China taking 1.627 million of it, Spain at 225K and Vietnam at 123K. That puts the bean pace at 63.7 percent of the USDA estimate against a 49.7 percent five year average. Corn sold 1.304 million, led by Mexico at 319K, Japan at 251K and South Korea at 125K, with another 412K to unknown destinations. The corn pace sits at 28.2 percent versus 37.8. Wheat sold 850K, above the trade range, led by the Philippines at 226K, South Korea at 154K and Indonesia at 140K, for a pace of 54.6 percent versus 59.6.

Beans slipped from 2.841 million the week before, yet their lead over the five year average still widened from 11.0 points to 14.0. Corn eased from 1.527 million and the pace gap widened from 9.4 points to 9.6. Wheat more than tripled last week's 240K and cut its deficit from 7.1 points to 5.0.