USDA Export Sales

USDA Export Sales

🌽 Corn: 232,900 MT (▼43% wk | ▼24% 4wk avg)

🌱 Soybeans: 85,000 MT (▲13% wk | ▼27% 4wk avg)

🌾 Wheat: 393,700 MT (▲54% wk | ▲40% 4wk avg)

Analysis 

393,700 MT of wheat, up 54 percent on the week and 40 percent above the four week average, with exports hitting a marketing year high at 524,300 MT. Mexico at 105K, Taiwan at 97K, and Thailand at 61K led the buying. Corn came in at 233K, down 43 percent on the week, with 418K of Unknown reductions still suppressing the net number two weeks before the 25/26 marketing year closes. Bean current year sales were 85K with the Netherlands at 86K on switches carrying most of it. New crop bean bookings added 1,723K MT with China at 1,131K, another week north of a million.

New crop soybean outstanding is now 11.86 million MT, up from 4.6 million six weeks ago. China has been the driver week after week, and Mexico at 162K and Japan at 100K added to the pile this week. Corn loadings at 1,976K ran 13 percent above the four week average even as new sales thin out into the marketing year turn. The old crop corn and bean numbers will keep getting dragged down by Unknown cancellations until September resets the clock. Wheat is the commodity running clean in both columns.