USDA’s latest weekly export sales report, covering the week through November 5 and out a day late due to the Veteran’s Day holiday earlier this week, didn’t hold much bullish data for traders to digest. Soybean totals cooled to a marketing-year low, while corn and wheat tallies also underperformed compared to recent weeks.
Corn export sales made it to 38.5 million bushels, stumbling 63% lower week-over-week and falling 47% below the prior four-week average. It was also on the lower end of trade estimates, which ranged between 27.6 million and 63.0 million bushels. Unknown destinations (10.3 million) and Mexico (10.2 million) accounted for just over half of the total. Cumulative sales for the 2020/21 marketing year still remain well above last year’s pace, with 289.6 million bushels.
Corn export shipments were also lackluster after sliding 8% below the prior four-week average to 28.8 million bushels. Mexico was the No. 1 destination, with 8.5 million bushels. China, Japan, Honduras and Panama filled out the top five.
Sorghum export sales gathered another 7.0 million bushels, with China snapping up 100% of the purchases. Cumulative sales for the 2020/21 marketing year are significantly ahead of last year’s pace after reaching 27.0 million bushels. China also accounted for 100% of U.S. sorghum export shipments last week, with 2.8 million bushels.
Soybean export sales slipped 4% below the prior week’s tally and 26% below the prior four-week average to a marketing-year low of 54.0 million bushels. That was still in the middle of trade guesses, which ranged between 29.4 million and 66.1 million bushels. China accounted for around half of the total, with 27.4 million bushels. Cumulative totals for the 2020/21 marketing year are still almost double of last year’s pace, with 727.1 million bushels.
Soybean export shipments told a different story, climbing to a marketing-year high of 117.9 million bushels. That was driven largely by China, which accounted for 76.7 million bushels. Thailand, Mexico, Vietnam and Japan rounded out the top five.
Wheat export sales fell 50% lower week-over-week and 46% below the prior four-week average to 11.0 million bushels. That still fell within the range of trade estimates, which widely ranged between 7.3 million and 25.7 million bushels. Guatemala was the top buyer, with 3.4 million bushels. Cumulative totals for the 2020/21 marketing year still have a slim lead over last year’s pace, with 415.4 million bushels.
Wheat export shipments were somewhat better, with 13.0 million bushels, but that was still 3% worse than the prior four-week average. The Philippines topped all destinations, with 4.4 million bushels. Mexico, Japan, Taiwan and Honduras filled out the top five.
Click here to see more highlights from the latest USDA export report, covering October 30 through November 5.