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Corn and soybeans move closer to the 2021/22 marketing year

Ben Potter, Senior editor

July 9, 2021

2 Min Read

Summertime is a time of transition for grain export sales. Wheat has already entered the 2021/22 marketing year, and corn and soybeans are slowly transitioning from old crop sales to new crop sales with the current marketing year concluding in August. USDA’s latest weekly export recap didn’t show a lot of fresh sales but did offer a reminder that cumulative totals for corn and soybean sales this marketing year have been nothing short of outstanding.

Corn added 6.8 million bushels of old crop sales plus another 7.8 million bushels in new crop sales for a total tally of 14.6 million bushels for the week ending July 1. That was near the middle of trade guesses, which ranged between zero and 37.4 million bushels. Cumulative totals for the 2020/21 marketing year are trending more than 900 million bushels higher than last year’s pace, reaching 2.310 billion bushels.

Corn export shipments slipped 16% below the prior four-week average to 50.6 million bushels. China was the No. 1 destination, with 15.9 million bushels. Mexico, Japan, Saudi Arabia and Colombia rounded out the top five.

No sorghum sales or shipments were reported this past week. Cumulative sales for the 2020/21 marketing year are still nearly doubling last year’s pace, with 249.5 million bushels.

Soybean exports saw old crop sales of 2.3 million bushels and new crop sales of 4.4 million bushels for a total tally of 6.7 million bushels. That was on the lower end of trade estimates, which ranged between 3.7 million and 28.5 million bushels. Cumulative totals for the 2020/21 marketing year are still nearly 800 million bushels above last year’s pace, with 2.149 billion bushels.

Soybean export shipments improved 8% above the prior four-week average to 8.1 million bushels. Mexico, Japan, Colombia, Indonesia and Costa Rica were the top five destinations.

Wheat exports saw another 10.7 million bushels last week, which was near the middle of trade guesses that ranged between 7.3 million and 16.5 million bushels. Cumulative sales for the first month of the 2021/22 marketing year are at 56.8 million bushels, a year-over-year decline of 29% so far.

Wheat export shipments moved to 14.1 million bushels, with Mexico (3.1 million) as the No. 1 destination last week. China, South Korea, Taiwan and Nigeria filled out the top five.

Click here for more highlights and insights from the latest USDA report, covering June 25 through July 1.

 

Related:Export Sales: The slow shift to 2021/22

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About the Author(s)

Ben Potter

Senior editor, Farm Futures

Senior Editor Ben Potter brings two decades of professional agricultural communications and journalism experience to Farm Futures. He began working in the industry in the highly specific world of southern row crop production. Since that time, he has expanded his knowledge to cover a broad range of topics relevant to agriculture, including agronomy, machinery, technology, business, marketing, politics and weather. He has won several writing awards from the American Agricultural Editors Association, most recently on two features about drones and farmers who operate distilleries as a side business. Ben is a graduate of the University of Missouri School of Journalism.

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