September 10, 2021
This past week, corn and soybeans saw a “changing of the guard,” moving from the 2020/21 marketing year (which concluded Aug. 31) to 2021/22. Last year was nothing but successful for both crops, when corn volume jumped 55% year-over-year and soybeans improved by 35%. Next, the question becomes: Will recent momentum keep moving in a positive direction?
That appears to be the case so far for corn, which opened the 2021/22 marketing year with net sales of 35.7 million bushels. That was on the higher end of analyst expectations, with trade guesses ranging between 19.7 million and 49.2 million bushels. USDA put 2020/21’s final tally 55% higher than the prior year’s volume, with 2.636 billion bushels.
Corn export shipments were quieter, with 6.6 million bushels over the first two days of September. Mexico accounted for most of that total, with 5.5 million bushels. Canada and Hong Kong picked up the small remainder.
Sorghum exports started the 2021/22 marketing year with sales of just under 5.0 million bushels, bound for China, unknown destinations and Mexico. Cumulative totals for the 2020/21 marketing year concluded with a 53% gain over the prior year’s tally, with 272.2 million bushels.
Soybean exports found 54.1 million bushes in sales for the first two days of September. That was on the higher end of analyst estimates, which ranged between 33.1 million and 60.6 million bushels. Cumulative sales in 2020/21 trended 35% higher than a year ago, with 2.226 billion bushels.
Soybean export shipments only found about 500,000 bushels in total volume for Sept. 1-2. Destinations included Mexico, Malaysia, the Philippines, Japan and Indonesia.
Wheat exports tracked 54% higher than the prior four-week average, with 14.3 million bushels. That was toward the upper end of trade estimates, which ranged between 7.3 million and 16.5 million bushels. Cumulative totals for the 2021/22 marketing year are still moderately below last year’s pace, with 213.8 million bushels.
Wheat export shipments slid 7% lower week-over-week and were down 33% versus the prior four-week average, with 14.3 million bushels. Mexico was the No. 1 destination, with 3.9 million bushels. The Philippines, Taiwan, Guatemala and South Korea rounded out the top five.
Click here for more highlights and insights from the latest USDA report, covering Aug. 27 through Sept. 2.
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