Export Sales: Soybeans soar far above expectationsExport Sales: Soybeans soar far above expectations

The latest export sales data from USDA, out Thursday morning and covering the week through November 10, held mixed but mostly positive numbers for traders to digest. Soybeans were pleasantly bullish after far exceeding analyst estimates. Corn totals hovered near the middle of trade guesses, while wheat totals were largely disappointing.

Corn export sales reached 46.0 million bushels last week. That was slightly on the higher end of trade estimates, which ranged between 27.6 million and 59.1 million bushels. Cumulative totals for the 2022/23 marketing year are still running moderately behind last year’s pace, with 195.5 million bushels.

Corn export shipments were more pedestrian after reaching 22.2 million bushels. Mexico accounted for nearly half of that total, with 10.4 million bushels. China, Japan, Colombia and Jamaica rounded out the top five.

No sorghum sales were reported last week. Export shipments were slim, with just under 75,000 bushels. That grain is bound for Mexico.

Soybean export sales jumped to 111.3 million bushels. That was well above the entire range of trade estimates, which came in between 33.1 million and 66.1 million bushels. Cumulative totals for the 2022/23 marketing year are still moderately behind last year’s pace, with 535.9 million bushels.

Soybean export shipments were also strong, with 76.5 million bushels. China accounted for more than half of that total, with 48.1 million bushels. Germany, Mexico, South Korea and Taiwan filled out the top five.

Wheat export sales failed to impress after only reaching 10.7 million bushels. Analysts were generally expecting a bigger haul, with trade estimates ranging between

9.2 million and 20.2 million bushels. Cumulative totals for the 2022/23 marketing year are slightly behind last year’s pace, with 333.8 million bushels.

Wheat export shipments were even more pedestrian, with 4.4 million bushels. The Philippines topped all destinations, with 2.3 million bushels. Mexico, Colombia, the United Arab Emirates and Vietnam rounded out the top five.

Click here to see more results from the latest UDSA export sales report.