Weekly Export Sales – Corn, soybeans jump higher

Cropduster flying over the corn and soybean field. steverts/iStock/GettyImages
Wheat sales slump moderately below the prior four-week average.

USDA’s latest batch of export sales data, out Thursday morning and covering the week through September 17, showed mixed but mostly bullish results. Corn and soybean sales jumped higher week-over-week and exceeded analyst expectations, while wheat turned in much less impressive results.

Corn export sales came in strong at 84.2 million bushels, anchored by a big turnout to China (22.3 million bushels). That was above all trade estimates, which ranged between 41.3 million and 70.9 million bushels. Cumulative totals for the 2020/21 marketing year are trending moderately above last year’s pace so far.

Corn export shipments were for 33.3 million bushels. China was the No. 1 destination, taking nearly a quarter of the total with 8.0 million bushels. Mexico, Colombia, Peru and South Korea rounded out the top five.

Sorghum export sales were solid last week, with 7.6 million bushels. China accounted for the entire sum, which was partially offset by reductions from unknown destinations. Cumulative totals for the 2020/21 marketing year are off to a faster pace compared to the same time last year.

Soybean export sales climbed to 117.4 million bushels last week, with China accounting for 59% of that total. Analyst estimates fell below that mark, with trade guesses ranging between 73.5 million and 110.2 million bushels. Cumulative totals for the 2020/21 marketing year are outmatching last year’s pace so far.

Soybean export shipments were also robust, with another 47.1 million bushels last week. China accounted for more than half of that total, with 28.3 million bushels. Indonesia, Pakistan, the Netherlands and Italy filled out the top five.

Wheat export sales were less impressive last week, sliding 34% below the prior four-week average to 12.9 million bushels. Analysts were generally expecting a more robust tally, with trade guesses ranging between 9.2 million and 22.0 million bushels. South Korea was the top buyer, with 4.1 million bushels. Cumulative totals for the 2020/21 marketing year are still maintaining a slim lead over last year’s pace, with 299.2 million bushels.

Wheat export shipments were also 21% below the prior four-week average, with 17.2 million bushels. Japan was the No. 1 destination, with 3.5 million bushels. Brazil, Mexico, Thailand and China rounded out the top five.

Click here to see more highlights from the latest USDA export report, which covers September 11 through September 17.

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