#USDA Weekly #Grain Export Sales #Corn, #Soybean, #Wheat, #Futures
-Soybean sales stronger than expected
-Corn sales at upper end of expectations
-Wheat sales at top of expectations
-SBM sales lower than expected/marketing year low – SBO sales as expected
U.S. soybean sales, for the week ended 11/21/19, were solid at 1.664 MMT (61.1 million bushels), beating market expectations of 600k-1.2 MMT, with new net sales reported to China for the week being just 366k tonnes, but there were sales to unknown of at least 511k tonnes for the week. Total commitments of 928 million bushels are now up nearly 10% from last year’s 848 million at this time, while soybean sales will need to average roughly 21.5 million bushels/week through next August in order for the USDA’s 1.775 billion bushel export projection to be reached vs last year’s 23.6 million/week average from this point forward.
U.S. corn sales of 807k tonnes (31.8 mil bu) were near the upper end of market expectations of 400-900k tonnes and met the average “needed” sales pace for the second week in a row. However, total commitments of 554 million bushels remain down 45% from last year’s 1.007 billion bushels at this time, while sales will need to run roughly 30% stronger than last year through the end of August if the USDA’s 1.850 billion bushel export projection is to be met.
U.S. wheat sales were a 13-week high of 613k tonnes (22.5 million bushels) and were just above the range of market expectations of 300-600k tonnes. Sales have averaged 15.7 million bushels/week over the last five weeks vs the roughly 12.4 mil bu/week “needed” pace. Total commitments of 596 million bushels are up 9% from last year’s 547 million at this time.
Soybean meal sales were a marketing year low 93k tonnes (150-300k expected), while soybean oil sales of 14.8k tonnes were uneventful and within market expectations of 5-30k. SBM total commitments of 4.803 MMT are down 15% from last year, while SBO commitments of 322k tonnes are up 3% year over year.
