US weekly soybean sales smash through analyst expectations

US exports for the week February 23-March 1 saw soybean volumes smashing through analyst expectations, and corn beating assumptions, while wheat came in as expected, according to USDA data published Thursday.

With this week’s numbers reported prior to the latest surge in the soybean market, net soybean sales came in at 2.51 million mt, three times the volume seen last week.

Well above analyst expectations at 1 million-1.7 million, the figure included net sales of 1.28 million mt to China, 307,100 mt to Mexico, 221,000 mt to Egypt, and 115,100 mt to Bangladesh.

It included 272,000 mt to as yet unknown destinations, while 2018/19 new crop sales amounted to 143,900 mt.

Actual soybean exports of 997,600 were up 11% week-on-week, but 12% below the month’s average, as China took 256,700 mt, Egypt 121,000 mt, Bangladesh 116,600 mt, Mexico 107,600 mt, and the Netherlands 85,100 mt.

Total soybean exports for the marketing year now stand at 38.78 million mt, down from 44.41 million mt at this stage last year.

Corn net sales of 1.86 million mt were also above analysts’ expectations, which had come in at 1 million-1.6 million.

The figure was up 8% on last week and 6% on the four-week average, as 385,900 mt was registered for unknown buyers, a net of 376,800 mt for Japan, 366,200 mt for Mexico, 165,400 mt for Taiwan, and 134,000 mt for Vietnam.

New crop sales amounted to 70,300 mt.

Corn exports were reported at 1.08 million mt, down 13% from last week but remain 10% higher than the four-week average as 294,300 mt went to Mexico, 230,800 mt to Japan, 134,200 mt to South Korea, 77,600 mt to Colombia, and 71,400 mt to the Netherlands.

Net sales of 391,500 mt were in the middle of analysts’ wheat expectations at 200,000-600,000 mt, with unknown destinations taking 113,500 mt, South Korea 71,500 mt, Japan 66,100 mt, the Philippines 52,000 mt, and Colombia 34,400 mt.

There were also new crop sales of 36,900 mt, almost all of which is destined for Mexico.

Exports came to 361,400 mt, 9% higher than last week and 15% below the four-week average, as 72,400 mt left for South Korea, 70,900 mt for Mexico, 59,400 mt for Colombia, 52,500 mt for Iraq, and 32,400 mt for Japan.