USDA Export Sales

USDA Export Sales

🌽 Corn: 535,989 MT | 22.6% of USDA Est | Below est range
🌱 Soybeans: 1,033,545 MT | 49.2% of USDA Est | Inside est range
🌾 Wheat: 289,255 MT | 45.8% of USDA Est | Inside est range

Analysis 

1,033,545 MT of soybeans with China at 589K, Egypt at 111K, and Algeria at 95K. Cumulative pace at 49.2 percent of the USDA estimate versus a 39.1 percent five year average, 10 points ahead four weeks into the marketing year. Corn came in below the estimate range at 536K with Mexico at 252K and Colombia at 101K. Corn pace at 22.6 percent trails the 30.0 percent five year average by 7.4 points. Wheat at 289K, Inside, with Mexico at 94K and the Philippines at 63K.

The bean pace gap is widening in the right direction. Four weeks ago it opened at 8.4 points ahead and is now 10.1. Corn is going the other way, falling from 6.4 behind at the marketing year start to 7.4 behind now. The pace to hit column on corn shows 1,322K MT per week needed, well above the current run rate. Wheat at 45.8 versus 51.5 is behind but holding steady at roughly 6 points back, and loadings have been consistent.