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Export Sales: Post-holiday volume trends higher

Getty/iStockphoto Ship and containers
Corn, soybeans and wheat all improve as 2022 gets underway.

Two weeks ago, grain exports were disappointing, but that was understandable, given USDA’s report covered the week between Christmas and New Year’s. Now that the holidays are behind us, export volume improved for corn, soybeans and wheat, per the agency’s latest weekly report, which was released Thursday morning and covers the week through January 6.

Corn export sales jumped 79% higher from a week ago but were still down 59% from the prior four-week average, with 18.0 million bushels. That was still below the entire range of trade guesses, which came in between 19.7 million and 63.0 million bushels. Cumulative totals for the 2021/22 marketing year are around 42 million bushels below last year’s pace, with 616.7 million bushels.

Corn export shipments fared better, inching 3% higher week-over-week to 39.8 million bushels. Mexico was the No. 1 destination, with 13.7 million bushels. China, Japan, Saudi Arabia and Costa Rica rounded out the top five.

Sorghum export sales nearly reached 825,000 bushels last week, which is all bound for China. Cumulative sales for the 2021/22 marketing year are still lagging behind last year’s pace, with 69.0 million bushels. Sorghum export shipments trended 88% higher week-over-week, with 5.5 million bushels.

Old crop soybean sales improved 92% from a week ago but were fractionally below the prior four-week average, with 27.0 million bushels. New crop sales added another 6.7 million bushels, for a total of 33.7 million bushels. That was near the middle of analyst estimates, which ranged between 14.7 million and 60.6 million bushels. Cumulative totals for the 2021/22 marketing year remain moderately behind last year’s pace, with 1.162 billion bushels.

Soybean export shipments trailed the prior four-week average by 43%, with 37.5 million bushels. China accounted for nearly half of that total, with 18.0 million bushels. Mexico, Egypt, Pakistan and Spain filled out the top five.

Wheat export sales were up noticeably from a week ago but still landed 20% below the prior four-week average, with 9.7 million bushels. That was a bit on the lower end of trade guesses, which ranged between 5.5 million and 16.5 million bushels. Cumulative totals for the 2021/22 marketing year are still tracking moderately below last year’s pace, with 415.5 million bushels.

Wheat export shipments improved 23% week-over-week, reaching 9.5 million bushels. Japan and Indonesia were the top two destinations, with each taking 2.2 million bushels. Mexico, Nicaragua and Taiwan filled out the top five.

Click here for more highlights and insights from the latest USDA report, covering December 31 to January 6.

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