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Weekly Export Sales – New crop soybean sales soar

Jorg Greuel/Getty Images Plus export-report-1030861298.jpg
Wheat sales also firm week-over-week, as corn sales sputter.

The latest batch of grain export data from USDA, out Thursday morning, held a mixed bag of results, as it often does. For the week ending July 23, soybeans emerged as the clear winner, with new crop sales moving far above analyst expectations. Wheat sales also held their own last week, but corn sales dialed in relatively disappointing results.

Old crop soybean sales fell 45% below the prior four-week average, to 9.5 million bushels. However, the 2019/20 marketing year is quickly winding down, and new crop sales for 2020/21 jumped to an eye-opening 122.9 million bushels, leaving total sales last week at 132.4 million bushels. That total exceeded all trade estimates, which ranged between 6.1 million and 91.9 million bushels. Cumulative totals this marketing year are still behind last year’s pace after reaching 1.445 billion bushels.

Soybean export shipments moved 44% higher than a week ago and 42% above the prior four-week average, to 24.8 million bushels. Germany was the No. 1 destination, with 5.6 million bushels, followed by China, Mexico, the Netherlands and Algeria.

Old crop corn sales spilled to a marketing-year low last week, with just 1.2 million bushels. New crop sales fared better, at 25.1 million bushels, putting the total tally at 26.3 million bushels. Total sales landed on the low end of trade estimates, which ranged between 23.6 million and 61.0 million bushels. Total sales for the 2019/20 marketing year are all but guaranteed not to match last year’s pace, at 1.496 billion bushels.

Corn export shipments slipped 8% lower week-over-week and 15% below the prior four-week tally, with 38.2 million bushels. Mexico (14.2 million) and Japan (14.0 million) were the top two destinations. China, Guatemala and Colombia filled out the top five.

Old crop sorghum export sales tumbled 95% lower week-over-week, but new crop sales gathered another 6.4 million bushels to China and Japan. Totals sales for the 2019/20 marketing year are still more than double last year’s pace, with 143.3 million bushels.

Wheat export sales climbed 10% above last week’s pace and 30% above the prior four-week average to reach 24.9 million bushels. That also topped all trade estimates, which ranged between 9.2 million and 23.9 million bushels. Cumulative totals for the 2020/21 marketing year are slightly above last year’s pace, with 144.4 million bushels.

Wheat export shipments slipped 4% lower week-over-week and 2% below the prior four-week average, with 18.6 million bushels. The Philippines topped all destinations, with 3.4 million bushels. Thailand, Mexico, Brazil and Chile rounded out the top five.

Click here to see more highlights from the latest USDA export report, covering the period between July 17 and July 23.

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