USDA’s latest weekly export sales report, out a day late due to Monday’s Columbus Day holiday, once again held a mixed bag of data for the week ending October 8. Soybean sales saw a moderate drop from a week ago but are still very robust. Wheat sales saw little change from a week ago. Corn sales were relatively disappointing after spilling 47% below last week’s tally.
Soybean export sales dropped 74% from a week ago but remained 18% above the prior four-week average, with 96.7 million bushels. That tally exceeded all trade estimates, which ranged between 55.1 million and 80.8 million bushels. China took more than half of that total, with 58.5 million bushels. Cumulative totals for the 2020/21 marketing year are nearly double last year’s pace so far, with 331.4 million bushels.
Soybean export shipments firmed 21% above the prior four-week average, with 87.6 million bushels. China accounted for most of that total, with 64.1 million bushels. Mexico, Germany, Indonesia and the Netherlands rounded out the top five.
Corn sales were relatively disappointing, in contrast, spilling 47% lower week-over-week and 63% below the prior four-week average to 25.8 million bushels. Analysts were generally expecting a bigger haul, with trade guesses that ranged between 23.6 million and 47.2 million bushels. Mexico accounted for nearly one third of the total, with 8.0 million bushels. Cumulative totals for the 2020/21 marketing year still remain well ahead of last year’s pace, with 176.9 million bushels.
Corn export shipments slipped 5% below the prior four-week average to 32.1 million bushels. Mexico was the No. 1 destination, with 12.1 million bushels. China, South Korea, Honduras and Colombia filled out the top five.
Wheat export sales held steady from a week ago and moved 23% ahead of the prior four-week average, with 19.4 million bushels. That total was good enough to land on the high end of analyst estimates, which ranged between 7.3 million and 22.0 million bushels. Mexico was the top buyer, with 8.4 million bushels. Cumulative totals for the 2020/21 marketing year remain moderately higher year-over-year, with 367.3 million bushels.
Wheat export shipments dipped 15% below the prior four-week average, with 18.6 million bushels. China was the No. 1 destination, with 6.7 million bushels. Nigeria, Brazil, the Philippines and Mexico rounded out the top five.
Click here to see more highlights from the latest USDA export report, which covers October 2 through October 8.