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Export sales: Soybeans make substantial gains

Getty/iStockphoto Cargo Container Ship on The Bosphorus
Corn also climbs well above the prior four-week average, while wheat fades.

The newest set of export sales data from USDA, out Thursday morning and covering the week through Oct. 14, showed some bullish numbers for corn and soybeans, while wheat volume was less optimistic, fading 36% below the prior week’s tally. Soybeans moved noticeably higher, in contrast, and corn sales climbed well above the prior four-week average and made it to the upper end of trade guesses.

Corn export sales moved to 50.1 million bushels last week and nearly bested analyst estimates, which ranged between 27.6 million and 55.9 million bushels. Volume improved 22% from the prior week and was 67% higher than the prior four-week average. Cumulative totals for the 2021/22 marketing year are still trending a bit behind last year’s pace, with 175.4 million bushels.

Corn export shipments moved 36% higher than the prior four-week average, with 41.0 million bushels. Mexico was the No. 1 destination, with 17.6 million bushels. Japan, China, Colombia and Guatemala rounded out the top five.

Soybean export sales soared noticeably above the prior four-week average, to 105.8 million bushels. That was better than the entire range of trade estimates, which came in between 55.1 million and 92.6 million bushels. Cumulative totals for the 2021/22 marketing year are still roughly half of last year’s pace, with 214.5 million bushels.

Soybean export shipments were also robust, moving 29% higher week-over-week to 81.1 million bushels. China was by far the No. 1 destination, with just under 61.0 million bushels. The Netherlands, Mexico, Turkey and Japan filled out the top five.

Wheat export sales were a bit lackluster, sliding 36% lower week-over-week to 13.3 million bushels. That total was also toward the lower end of trade estimates, which ranged between 9.2 million and 24.6 million bushels. Cumulative totals for the 2021/22 marketing year remain moderately behind last year’s pace, with 307.6 million bushels.

Wheat export shipments also failed to impress, slumping 65% lower week-over-week and 66% below the prior four-week average, to 5.9 million bushels. Mexico was the No. 1 destination, with 1.5 million bushels. Venezuela, Colombia, South Korea and Taiwan rounded out the top five.

Click here for more highlights and insights from the latest USDA report, covering Oct. 8 through Oct. 14.

TAGS: USDA Crops
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