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Serving: United States

Export Sales: Old crop soybean sales disappoint

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Corn and wheat sales fall moderately lower week-over-week.

USDA’s latest batch of grain export sales data, covering the week through December 31, held little positive news for a sluggish holiday week. Soybean old crop sales fell to a new marketing-year low, while corn and wheat totals also disappointed after landing on the lower end of trade estimates.

Soybean sales were dismal, with old crop sales only at 1.4 million bushels, plus another 2.9 million bushels in new crop sales for a total of 4.3 million bushels. Analysts were expecting a much bigger tally, with trade guesses ranging between 18.4 million and 40.4 million bushels. Cumulative totals for the 2020/21 marketing year are still far ahead of last year’s pace, with 1.436 billion bushels.

Soybean export shipments were much better, with 68.2 million bushels, but that was still 26% below the prior four-week average. China was by far the No. 1 destination, with 39.8 million bushels. Mexico, Germany, Spain and Pakistan rounded out the top five.

Corn export sales were also a letdown, with old crop sales falling 39% below the prior four-week average to 29.5 million bushels, and with no additional new crop sales last week. That was also on the lower end of trade guesses, which ranged between 23.6 million and 47.2 million bushels. Cumulative totals for the 2020/21 marketing year are still nearly 72% above last year’s pace, with 600.6 million bushels.

Corn export shipments were better, inching 7% ahead of the prior four-week average to 40.5 million bushels. China topped all destinations, with 16.6 million bushels.

Mexico, Japan, Colombia and Guatemala filled out the top five.

Old crop sorghum sales saw a marketing-year low with just 11,810 bushels last week. New crop sales added another 3.9 million bushels, all bound for China and unknown destinations. Cumulative sales for the 2020/21 marketing year are still more than tripling last year’s pace so far, with 78.2 million bushels.

Wheat export sales were sluggish, trailing the prior four-week average by 47% with 10.1 million bushels in old crop sales plus just 22,000 bushels in new crop sales. Analysts were generally expecting a bigger tally, with trade guesses ranging between 9.2 million and 18.4 million bushels. Cumulative totals for the 2020/21 marketing year are still slightly behind last year’s pace, with 528.5 million bushels.

Wheat export shipments moved 5% ahead of the prior four-week average, to 15.4 million bushels. The Philippines led all destinations, with 4.7 million bushels. Mexico, China, Japan and Nigeria rounded out the top five.

Click here to see more highlights from the latest USDA export report, covering December 25 through December 31.

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