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Export sales: Grains trend higher

Getty/iStockphoto Cargo Container Ship on The Bosphorus
Corn, soybeans and wheat all land ahead of the prior week’s tally

The latest batch of grain export sales data from USDA, out Thursday morning and covering the week through October 28, showed some improvements in corn, soybeans and wheat. Corn sales firmed 37% week-over-week, with soybeans jumping 58% higher, while wheat improved 49% from last week. Grain prices were mixed but mostly higher immediately following this week’s report.

Corn exports improved 37% from a week ago and moved 10% above the prior four-week average, to 48.2 million bushels. That was also toward the higher end of trade estimates, which ranged between 27.6 million and 55.9 million bushels. Cumulative sale for the 2021/22 marketing year are still lagging moderately behind last year’s pace, with 232.0 million bushels.

Corn export shipments titled 9% higher from a week ago but stayed 17% below the prior four-week average, with 29.5 million bushels. Mexico was the No. 1 destination, with 12.5 million bushels. Japan, Colombia, Venezuela and Nicaragua rounded out the top five.

Sorghum export sales jumped to 10.5 million bushels last week, with the vast majority of that grain bound for China. Cumulative sales for the 2021/22 marketing year are still running at less than half of last year’s pace, however, with 269.4 million bushels.

Soybean exports improved 19% versus the prior four-week average, to 69.5 million bushels. That was toward the upper end of trade estimates, which ranged between 36.7 million and 74.2 million bushels. Cumulative totals for the 2021/22 marketing year remain more than 200 million bushels behind last year’s pace so far, with 400.2 million bushels.

Soybean export shipments jumped 46% above the prior four-week average, with 97.4 million bushels. China was by far the No. 1 destination, with 68.5 million bushels. Mexico, the Netherlands, Spain and Egypt filled out the top five.

Wheat export sales inched 4% above the prior four-week average, with 14.7 million bushels. That was toward the higher end of analyst estimates, which ranged between 6.6 million and 19.1 million bushels. Cumulative totals for the 2021/22 marketing year remain moderately behind last year’s pace for now, with 319.4 million bushels.

Wheat export shipments slumped 60% below the prior four-week average, with just 5.0 million bushels. Mexico was the No. 1 destination, with just under 1 million bushels. Panama, Honduras, Jamaica and Canada rounded out the top five.

Click here for more highlights and insights from the latest USDA report, covering October 22 through October 28.

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