The latest round of grain export data from USDA, out Thursday morning and covering the week through September 24, had plenty of bullish bites to digest. The bottom line: corn, soybeans and wheat each climbed above the range of trade estimates put out earlier this week. Today’s data could prove to be critical in maintaining forward momentum for grain prices as the week winds down.
Corn export sales reached 79.8 million bushels last week, which was well above trade estimates that ranged between 31.5 million and 55.1 million bushels. Unknown destinations (often switched to China) accounted for more than a third of that total, with 27.6 million bushels. Cumulative totals for the 2020/21 marketing year continue to outpace volume from a year ago.
Corn export shipments were more modest, at 29.5 million bushels. China was the No. 1 destination, with 7.4 million bushels. Mexico, Japan, South Korea and Canada rounded out the top five.
Sorghum export sales notched another 1.5 million bushels in old crop sales and 5.4 million bushels in new crop sales, all attributed to either China or unknown destinations. Sorghum export shipments were for 2.3 million bushels, all of which are bound for China.
Soybean export sales reached 95.2 million bushels, besting all trade estimates ranging between 55.1 million and 91.9 million bushels. China accounted for more than half of that total, with 48.8 million bushels. Cumulative sales in the 2020/21 marketing year are off to a much better start than last year, with 172 million bushels so far.
Soybean export shipments came in at 41.9 million bushels, with 78% of that total headed to China. Mexico, Spain, Indonesia and Taiwan filled out the top five.
Wheat export sales climbed to 18.6 million bushels, beating out all trade estimates, which ranged between 7.3 million and 18.4 million bushels. Mexico topped all destinations, with 7.7 million bushels. A small sale for 2021/22 delivery was also reported to Malaysia (about 48,000 bushels). Cumulative totals for the 2020/21 marketing year are moderately ahead of last year’s pace, with 322.9 million bushels.
Wheat export shipments of 23.7 million bushels were 38% higher than the prior week’s total and 15% above the prior four-week average. China was the No. 1 destination, with 6.9 million bushels. Chile, Mexico, the Philippines and Italy rounded out the top five.
Click here to see more highlights from the latest USDA export report, which covers September 18 through September 24.