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Weekly Export Sales – China fuels bullish results

Corn and soybeans post large export volume last week.

The 2020/21 marketing year for corn and soybeans began September 1, and the latest round of export data from USDA straddled that line, covering the week from August 28 through September 3. The agency’s latest report showed impressive new crop sales for both corn and soybeans this past week thanks to recent Chinese purchases, while wheat sales slowed compared to recent weeks.

Corn exports for 2020/21 reached 71.8 million bushels, which was on the high end of trade estimates that ranged between 35.4 million and 78.7 million bushels. With the 2019/20 marketing year now in the books, USDA reported a 14% year-over-year decline, to 1.704 billion bushels. Another 49.2 million bushels in outstanding sales were carried over into the 2020/21 marketing year.

Last week, China accounted for more than half of U.S. corn export sales, with 47.0 million bushels. Japan, Mexico, Guatemala and Colombia rounded out the top five.

Corn export shipments from September 1-3 reached 9.7 million bushels, with China occupying the No. 1 position (2.7 million bushels). Mexico, Colombia and Canada accounted for the rest.

Soybean exports also saw an impressive tally last week, climbing to 116.2 million bushels. That was well above all trade estimates, which ranged between 36.7 million and 73.5 million bushels. China accounted for around half of the total, with 58.5 million bushels. An additional 93.3 million bushels in outstanding 2019/20 sales were carried over into the new marketing year, leaving cumulative sales down 4% year-over-year at 1.651 billion bushels.

Soybean export shipments for September 1-3 reached 19.3 million bushels. China accounted for most of that total, with 14.7 million bushels. The Netherlands, Algeria, Mexico and Taiwan were the other primary destinations.

Wheat export sales were lackluster last week, meantime, sliding 17% from a week ago and 14% below the prior four-week average to 17.8 million bushels. Totals still reached the upper end of trade estimates, which ranged between 9.2 million and 22.0 million bushels. Cumulative totals for the 2020/21 marketing year remain moderately above last year’s pace, at 266.8 million bushels.

Wheat export shipments fared much better, climbing to a marketing-year high of 26.7 million bushels. Yemen topped all destinations, with 3.6 million bushels. Vietnam, China, Mexico and Brazil rounded out the top five.

Click here to see more highlights from the latest USDA export report, which covers August 28 through September 3.

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