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Export sales: More solid results

Getty/Jorg Greuel barge with shipping containers
Corn, soybeans and wheat all top their prior four-week averages.

USDA delivered a new batch of grain export data this morning, covering the week through Oct. 7. The numbers showed some positive momentum for corn, soybeans and wheat – volume for all three crops climbed above their prior four-week averages. Corn and soybeans matched analyst estimates, while wheat moved above the entire range of trade guesses after jumping 70% above last week’s total.

Corn export sales were up 85% from the prior four-week average, with 40.9 million bushels. That was near the middle of trade guesses, which ranged between 27.6 million and 63.8 million bushels. Cumulative totals for the 2021/22 marketing year remain moderately below last year’s pace for now, with 134.4 million bushels since the start of September.

Corn export shipments slid 6% lower from a week ago but remained 58% above the prior four-week average, with 36.1 million bushels. Mexico was the No. 1 destination, with 14.4 million bushels. China, Colombia, Honduras and Guatemala rounded out the top five.

Sorghum sales sputtered last week, falling 98% below the prior four-week average to just 98,000 bushels. Cumulative sales for the 2021/22 marketing year are also off to a slow start, with 8.9 million bushels.

Soybean export sales stayed 9% above the prior four-week average, with 42.2 million bushels. That was also toward the higher end of trade estimates, which ranged between 22.0 million and 52.2 million bushels. Cumulative totals for the 2021/22 marketing year are still well below last year’s pace, with 133.3 million bushels.

Soybean export shipments were even more robust last week, with another 63.0 million bushels. China was by far the No. 1 destination, with 47.2 million bushels. Taiwan, Mexico, the Netherlands and Bangladesh filled out the top five.

Wheat export sales jumped 70% higher week-over-week and 42% above the prior four-week average, to 20.9 million bushels. That was also better than the entire range of trade guesses, which came in between 9.2 million and 19.1 million bushels. Cumulative totals for the 2021/22 marketing year are now at 301.7 million bushels, which is about 18% below last year’s pace so far.

Wheat export shipments shifted 16% lower week-over-week and 5% below the prior four-week average, to 16.9 million bushels. Japan topped all destinations, with 4.6 million bushels. Colombia, China, Nigeria and Taiwan rounded out the top five.

Click here for more highlights and insights from today’s USDA report, covering Oct. 1 through Oct. 7.

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