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Weekly Export Sales – Corn climbs significantly higher

hauged/iStock/GettyImagesPlus ripe, brown corn with light snow on it
Soybean and wheat tallies slump week over week, in contrast.

The latest export sales report from USDA, covering the week through October 15, held another mixed round of data for traders to digest. Corn emerged as the big winner, moving substantially higher from a week ago and topping all trade estimates. But soybean and wheat volume decreased week-over-week, leading to some uneven technical maneuvering immediately following the report’s release.

Corn sales topped the prior four-week average by 21% after reaching 72.1 million bushels. That tally was higher than all trade estimates, which ranged between 31.5 million and 55.1 million bushels. Japan led all destinations, with 19.3 million bushels. Cumulative totals for the 2020/21 marketing year have started much stronger compared to a year ago, with 212.2 million bushels.

Corn export shipments also held 7% above the prior four-week average, with 35.4 million bushels. China was the No. 1 destination, with 14.3 million bushels. Mexico, Japan, Saudi Arabia and Colombia rounded out the top five.

Sorghum export sales posted another strong week, with 11.1 million bushels. China accounted for around two-thirds of the total, with unknown destination taking the remainder. The 2020/21 marketing year is off to a strong start, with cumulative totals of 18.2 million bushels so far.

Soybean exports were relatively strong but still 18% down from the prior four-week average, with 81.8 million bushels. That was still on the high end of trade estimates, which ranged between 55.1 million and 91.9 million bushels. China snapped up more than half of that total, with 44.9 million bushels. Cumulative totals for the 2020/21 marketing year are off to a hot start, nearly doubling last year’s pace with 419.7 million bushels since the start of September.

Soybean export shipments jumped 49% above the prior four-week average, with 92.5 million bushels. China took most of that total, with 72. 0 million bushels. Egypt, Germany, Mexico and Saudi Arabia filled out the top five.

Wheat export sales were mostly lackluster, drifting 23% below the prior four-week average to 13.5 million bushels, landing on the lower end of trade estimates that ranged between 7.3 million bushels and 29.4 million bushels. Mexico took more than half of that total, with 7.1 million bushels. Cumulative totals for the 2020/21 marketing year are maintaining a modest lead from a year ago, with 374.4 million bushels.

Wheat export shipments tumbled 67% below the prior four-week average, with 7.1 million bushels. Indonesia led all destinations, with 2.0 million bushels. Malaysia, Japan, Venezuela and Mexico rounded out the top five.

Click here to see more highlights from the latest USDA export report, which covers October 9 through October 15.

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