USDA’s latest batch of grain export data, out Thursday morning and covering the week through July 30, contained some hopeful numbers for corn and soybeans. While soybeans were unable to match the prior week’s massive total, they still turned in a solid round of sales. And corn rebounded from a disappointing round of results a week ago with a large haul of new crop sales.
Corn old crop sales were relatively muted last week after only turning in 4.0 million bushels, which was 70% below the prior four-week average. But the tally for 2020/21 sales climbed to 102.4 million bushels, bringing the total to 106.4 million bushels. That was on the higher end of trade estimates, which ranged between 82.7 million and 126.0 million bushels. Cumulative sales for the 2019/20 marketing year will almost certainly fail to match last year’s pace, at 1.523 billion bushels – a year-over-year deficit of more than 300 million bushels.
Corn export shipments were down 29% week-over-week and 34% below the prior four-week average, with 27.0 million bushels. Japan was the No. 1 destination, with 11.7 million bushels. Mexico, Colombia, Peru and El Salvador rounded out the top five.
Old crop sorghum sales were disappointing last week, falling noticeably below the prior four-week average to 524,000 bushels. New crop sales fared better, with 8.3 million bushels. China and Japan remain the primary buyers. Cumulative sales for the 2019/20 marketing year remain strong, nearly tripling last year’s pace with 150.1 million bushels.
Old crop soybean sales jumped 72% higher from a week ago as the 2019/20 marketing year winds down, reaching 12.7 million bushels. New crop sales added another 51.6 million bushels, for a total haul of 64.3 million bushels. That matched the high end of trade guesses, which ranged between 29.4 million and 64.3 million bushels. Cumulative sales for the 2019/20 marketing year have fallen behind last year’s pace, meantime, with 1.468 billion bushels.
Soybean export shipments boosted 57% above the prior four-week average, with 29.9 million bushels. Germany was the top destination, with 6.7 million bushels, followed by China, Bangladesh, Indonesia and Mexico.
Wheat export sales inched 2% above the prior four-week average, with 22.2 million bushels. That tally was on the higher end of trade estimates, which ranged between 7.3 million and 29.4 million bushels. China emerged as the top buyer, with 3.1 million bushels, followed closely by Indonesia (2.9 million). Cumulative totals for the 2020/21 marketing year are about 13 million bushels ahead of last year’s pace, with 166.4 million bushels.
Wheat export shipments stayed 15% ahead of the prior four-week average, with 22.0 million bushels. Indonesia was the No. 1 destination, with 4.2 million bushels. The Philippines, Japan, Mexico and South Korea filled out the top five.
Click here to see more highlights from the latest USDA export report, covering July 24 through July 30.