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Weekly Export Sales – Soybeans and wheat disappoint

Weekly Export Sales – Soybeans and wheat disappoint
Corn climbs slightly above last week’s tally but can’t match four-week average

The latest export sales report from UDSA, out Thursday morning and covering the week through November 12, didn’t have much bullish data for traders to chew on. Soybean and wheat sales fell to new marketing year lows, and while corn sales firmed slightly week-over-week, they still landed 43% below the prior four-week average.

Corn added 11% more export sales from the prior week’s tally to reach 42.9 million bushels. That also surpassed all trade guesses, which ranged between 23.6 million and 39.4 million bushels. Mexico was the top destination, with 9.6 million bushels. Cumulative totals for the 2020/21 marketing year remain well above last year’s pace, moving to 331.8 million bushels.

Corn export shipments were for 33.3 million bushels, which was a 16% improvement from a week ago and 9% above the prior four-week average. China topped all destinations, with just under 11.0 million bushels. Mexico, Japan, Venezuela and Peru rounded out the top five.

Sorghum export sales were for 4.6 million bushels last week, with China taking much of the total (East African nation Eritrea accounted for the remainder). Cumulative sales for the 2020/21 marketing year are off to a robust start, with 37.0 million bushels versus just 4.0 million bushels at the same time last year.

Soybean export sales were lackluster last week, spilling to a marketing year low of

51.0 million bushels. That was still better than all trade guesses, which ranged between 22.0 million and 44.1 million bushels. China by far was the leading destination, with 39.0 million bushels. Cumulative totals for the 2020/21 marketing year still far exceed last year’s pace, with 821.1 million bushels.

Soybean export shipments slid 6% below the prior four-week average, to 94.0 million bushels. China again dominated all destinations, with 67.8 million bushels. Egypt, Mexico, Spain and Taiwan filled out the top five.

Wheat export sales also fell to a marketing year low last week, with 7.1 million bushels. That was below the entire range of trade guesses, which fluctuated between 9.2 million and 18.4 million bushels. China was the top buyer, with 4.6 million bushels.

Cumulative sales for the 2020/21 marketing year have dropped slightly below last year’s pace, with 425.4 million bushels.

Wheat export shipments were better, with 9.9 million bushels, but that was still a 24% decline from the prior week and 17% below the prior four-week average. The Philippines led all destinations, with 2.9 million bushels. Japan, Taiwan, South Korea and Panama rounded out the top five.

Click here to see more highlights from the latest USDA export report, covering November 6 through November 12.

 

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