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Weekly Export Sales – Soybeans still soaring

Grain ship at the Port of Paranagua - Brazil Ziviani/iStock/GettyImagesPlus
Corn and wheat also post solid results last week.

Export optimism has been high throughout much of September and October, and USDA’s latest weekly recap, covering the week through October 1, held plenty of supportive data to keep up the current momentum. Corn and wheat volume landed on the high end of trade estimates, with the soybean tally exceeding all trade guesses for the second straight week.

Corn export sales reached 48.3 million bushels, which represented a moderated decline from a week ago but still made it to the upper end of trade estimates, which ranged between 27.6 million and 59.1 million bushels. Mexico topped all destinations, with 13.1 million bushels. Cumulative totals for the 2020/21 marketing year are still maintaining a healthy lead over last year’s pace so far.

Corn export shipments were not quite as robust, with 36.8 million bushels. China was the No. 1 destination, with 13.8 million bushels. Mexico, Colombia, Japan and Costa Rica rounded out the top five.

Sorghum export sales notched another 5.2 million bushels last week, which was down moderately from the prior week’s tally of 6.9 million bushels. The entire total was purchased by China. China also accounted for all U.S. sorghum export shipments last week, with 6.2 million bushels.

Soybean export sales reached 95.2 million bushels last week, which was steady from the prior week’s tally and above all trade estimates, which ranged between 55.1 million and 91.9 million bushels. China accounted for nearly 60% of that total. Cumulative sales for the 2020/21 marketing year have nearly doubled last year’s pace so far, with 248 million bushels.

Soybean export shipments were also robust, with another 76.0 million bushels last week. China was by far the No. 1 destination, with 50.9 million bushels. Mexico, Vietnam, Pakistan and Spain filled out the top five.

Wheat export old crop sales moved 27% above the prior four-week average to 19.5 million bushels. New crop sales added another 1.4 million bushels, for a total of 20.9 million bushels. Analysts had expected to see a tally somewhere between 9.2 million and 22.0 million bushels. Cumulative totals for the 2020/21 marketing year are maintaining a moderate lead over last year’s pace, with 348.7 million bushels.

Wheat export shipments were even better, climbing 17% above the prior four-week average to 25.8 million bushels. The Philippines led all destinations, with 6.4 million bushels. Mexico, Nigeria, Vietnam and China rounded out the top five.

Click here to see more highlights from the latest USDA export report, which covers September 25 through October 1.

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