Export Sales: Corn climbs 51% above four-week average

AFP Contributor/Getty Images Unloading grain - man at back of truck with grain pouring out back of truck.
Soybean sales up noticeably, with wheat also up week-over-week.

USDA’s latest export sales report, covering the week through January 14, held mostly bullish data for traders to digest. Soybean sales made a solid comeback, climbing substantially higher for the second consecutive week. Corn sales held steady from a week ago but still improved 51% above the prior four-week average. And wheat sales saw a 49% week-over-week improvement.

Corn export sales were nearly identical from a week ago, with 56.6 million bushels in old crop sales, plus another 1.8 million bushels in new crop sales. That was above all trade estimates, which ranged between 23.6 million and 47.2 million bushels. Mexico was by far the No. 1 destination, with 23.2 million bushels. Cumulative totals for the 2020/21 marketing year are still well ahead of last year’s pace, reaching 693.2 million bushels.

Corn export shipments slid 39% lower week-over-week and landed 24% below the prior four-week average, in contrast. Mexico led all destinations, with 7.8 million bushels. Colombia, South Korea, Japan and China rounded out the top five.

Sorghum export sales jumped another 54% higher week-over-week, reaching 11.6 million bushels. That grain is headed to China and unknown destinations. Cumulative totals for the 2020/21 marketing year are still more than tripling last year’s pace, with 89.8 million bushels. Sorghum export shipments were 95% from the prior four-week average, with 8.7 million bushels.

Soybean export sales were up noticeably from a week ago, reaching 66.8 million bushels in old crop sales plus another 30.5 million bushels for a total tally of 97.3 million bushels. That bested all trade estimates, which ranged between 40.4 million and 77.2 million bushels. China once again led the way, with 31.8 million bushels. Cumulative totals for the 2020/21 marketing year are still far exceeding last year’s pace, with 1.594 billion bushels.

Soybean export shipments inched 9% ahead of the prior four-week average, with 87.4 million bushels. China was by far the No. 1 destination, with 49.6 million bushels. Pakistan, the Netherlands, Egypt and Thailand filled out the top five.

Wheat export sales improved by 49% from a week ago, to 12.1 million bushels. That was still 7% below the prior four-week average, however, and on the lower end of trade estimates that ranged between 9.2 million and 23.9 million bushels. Indonesia was the top buyer, accounting for 3.9 million bushels. Cumulative totals for the 2020/21 marketing year continue to trail last year’s pace, with 551.3 million bushels.

Wheat export shipments spilled 33% below the prior four-week average, with 9.7 million bushels. Indonesia was the No. 1 destination, with 4.0 million bushels. Mexico, Japan, Taiwan and Peru rounded out the top five.

Click here for more highlights from the latest USDA export report, covering January 8 through January 14.

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