July 15, 2021
The latest export sales report from USDA, out Thursday morning and covering the week through July 8, didn’t have much bullish data for traders to digest. Corn sales landed on the lower end of analyst estimates, and old crop soybean sales tumbled 76% below the prior four-week average. Wheat sales were more optimistic after improving 44% over the prior four-week average, meantime.
Corn exports saw old crop sales of 5.5 million bushels, plus another 5.2 million bushels in new crop sales, for a total tally of 10.7 million bushels. That was toward the lower end of trade estimates, which ranged between 2.0 million and 35.4 million bushels. Cumulative sales for the 2020/21 marketing year remain more than 900 million bushels ahead of last year’s pace, with 2.352 billion bushels.
Corn export shipments fell 18% lower week-over-week and dropped 26% below the prior four-week average, to 41.8 million bushels. China accounted for nearly half of that total, with 18.8 million bushels. Mexico, Japan, Guatemala and Costa Rica rounded out the top five.
Sorghum sales were slim again last week, with around 16,000 bushels headed to China. But despite the recent slowdown in exports, cumulative sales for the 2020/21 marketing year remain well ahead of last year’s pace, with 252.3 million bushels.
Soybean exports saw just under 800,000 bushels in old crop sales last week, plus another 10.7 million bushels in new crop sales, for a total tally of 11.5 million bushels. That was toward the lower end of trade guesses, which ranged between 3.7 million and 34.9 million bushels. Cumulative totals for the 2020/21 marketing year are still more than 700 million bushels above last year’s pace, reaching 2.157 billion bushels.
Soybean export shipments slid 11% lower from a week ago but remained 4% above the prior four-week average, with 7.3 million bushels. Indonesia topped all destinations, with 2.6 million bushels. Mexico, Colombia, France and Costa Rica rounded out the top five.
Wheat exports moved 46% higher week-over-week and 44% above the prior four-week average to 15.6 million bushels. That was on the higher end of trade guesses, which ranged between 7.3 million and 18.4 million bushels. All-wheat sales for the 2021/22 marketing year are still off to a relatively sluggish start, gathering 70.3 million bushels since June 1.
Wheat export shipments inched 4% above the prior four-week average, to 13.4 million bushels. Japan was the No. 1 destination, with 2.6 million bushels. The Philippines, Mexico, Nigeria and the United Arab Emirates rounded out the top five.
Click here for more highlights and insights from the latest USDA report, covering July 2 through July 8.
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