Soybean exports exceed 2 million metric tons (MT) extending the record setting streak to four weeks. China continues to be the largest recipient receiving over 75% of the total U.S. soybeans exported. The soybean exports over the past four weeks have outpaced the soybean exports from the prior seven months. Despite posting the fourth highest weekly export total in U.S. history, soybean exports declined from last week. Corn exports rebounded from a marketing year low and wheat exports also increased. Corn, soybean, and wheat sales all increased for the first time since early October.
South American planting began in November to a slow start as farmers battled dry conditions. The pace has improved in recent weeks as farmers advance on the five-year average. Recent rains in the area have improved the outlook for the crop which is heavier in soybeans than in past years due to the sagging price of corn globally.
Weekly net corn sales were 944,900 MT, a 4% increase from last week and a 14% increase from the prior 10-week average. Increases were reported from unknown destinations, Japan, Colombia, Egypt, and Taiwan. Exports were 616,400 MT, a 59% increase from last week, but a 14% decrease from the prior 10-week average. The primary destinations were Mexico, Egypt, Colombia, Japan, and Venezuela.
Weekly net soybean sales were 1,485,400 MT, a 208% increase from last week and a 1% increase from the prior 10-week average. Increases were reported from China, the Netherlands, unknown destinations, Russia, the United Kingdom, Egypt, Mexico, and Canada. Exports were 2,781,100 MT, a 10% decrease from last week, but a 75% increase from the prior 10-week average. Primary destinations were China, the Netherlands, Turkey, Mexico, the United Kingdom, Taiwan, and Japan.
Weekly net wheat sales were 431,500 MT, a 19% increase from last week and a 9% increase from the prior 10-week average. Increases were reported from Japan, Taiwan, Mexico, Indonesia, Thailand, and Algeria. Decreases were reported from unknown destinations, Panama, South Korea, Ecuador, and Venezuela. Exports were 517,300 MT a 190% increase from last week and a 20% increase from the prior 10-week average. Primary destinations were Japan, the Philippines, Yemen, Indonesia, Brazil, and Taiwan.
Source: USDA Foreign Agricultural Service
Source: USDA Foreign Agricultural Service
Article from: Farmland Forecast
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