September 15, 2022
NOTE: Four weeks ago, USDA attempted to shift its export sales reporting to a new system and had to pull back due to technical glitches. Yesterday, the agency confirmed that it would release the last four weeks of data on Sept. 15. Data for the weeks ending August 18 and August 25 were combined, and data for the weeks ending September 1 and September 8 were listed individually. Today’s recap will focus on the data from the week ending Sept. 8.
USDA’s latest export sales report was a month in the making due to technical errors that were finally fixed. But the long-awaited report didn’t hold much market-moving data when it came out Thursday morning. Wheat sales landed on the low end of analyst estimates, with corn near the middle of trade guesses. Soybeans fared the best, staying on the higher end of analyst estimates.
Corn export sales reached 23.0 million bushels for the week ending September 8. That was close to the middle of analyst estimates issued prior to the report, which ranged between 11.8 million and 35.4 million bushels. Cumulative totals are modestly ahead of last year’s pace in the first eight days of the 2022/23 marketing year.
Corn export shipments reached 16.8 million bushels last week. Mexico, China, Honduras, Nicaragua and El Salvador were the top five destinations.
Soybean exports saw old crop sales move to 31.0 million bushels, plus another 1.1 million bushels of new crop sales. That put actuals on the high end of trade estimates, which ranged between 11.0 million and 36.7 million bushels. Cumulative sales for the 2022/23 marketing year are doing better than a year ago but have just eight days of data to consider so far.
Soybean export shipments reached 13.8 million bushels last week. China, Indonesia, Pakistan, Mexico and Vietnam were the top five destinations.
Wheat exports were lackluster last week, only reaching 8.0 million bushels. That was on the very low end of trade estimates, which ranged between 7.3 million and 20.2 million bushels. Cumulative totals for the 2022/23 marketing year are still running a bit behind last year’s pace, with 232.7 million bushels.
Wheat export shipments were more robust, with 24.9 million bushels. Mexico, Japan, Nigeria, China and Italy accounted for the top five destinations.
Click here to see more results from USDA’s latest reports.
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