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Export Sales: Soybeans jump significantly higher

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Corn and wheat stay within the range of trade estimates.

Analysts were anticipating a big rise in soybean sales in USDA’s latest weekly export report, out Thursday morning and covering the week through August 12. Total sales came in even better than expected, exceeding the entire range of trade guesses. Corn and wheat sales were also solid this past week, staying within the range of analyst estimates.

Corn exports saw old crop sales climb noticeably above the prior four-week average, to 8.5 million bushels. New crop sales added another 20.1 million bushels, for a total tally of 28.6 million bushels. That was toward the higher end of trade estimates, which ranged between 7.9 million and 44.5 million bushels. Cumulative totals for the 2020/21 marketing year are still nearly a billion bushels better than last year’s pace after reaching 2.575 billion bushels.

Corn export shipments fell 22% lower week-over-week and moved 31% below the prior four-week average, to 32.6 million bushels. Mexico was the No. 1 destination, with 11.5 million bushels. China, Japan, Guatemala, and El Salvador rounded out the top five.

Sorghum exports stumbled last week, with net sales reductions of 4.3 million bushels. Cumulative totals for the 2020/21 marketing year are still faring well versus a year ago, at 264.3 million bushels.

Soybean exports found 2.5 million bushels in old crop sales, plus another 78.7 million bushels in new crop sales, for a total of 81.2 million bushels. That was above the entire range of trade guesses, which came in between 34.0 million and 73.5 million bushels. And cumulative totals for the 2020/21 marketing year still hold a commanding year-over-year lead, with 2.194 billion bushels.

Soybean export shipments jumped 99% higher week-over-week and 37% above the prior four-week average, with 9.5 million bushels. China accounted for more than half of that total, with 5.3 million bushels. Japan, Indonesia, Colombia and Mexico filled out the top five.

Wheat exports cleared another 11.3 million bushels last week, which was up 5% week-over-week but 23% below the prior four-week average. It was also toward the lower end of trade guesses, which ranged between 9.2 million and 18.4 million bushels. Cumulative totals for the 2021/22 marketing year are still trending moderately below last year’s pace, with 159.3 million bushels.

Wheat export shipments slipped 6% lower week-over-week but stayed 29% above the prior four-week average, with 21.7 million bushels. Japan was the No. 1 destination, with 4.6 million bushels. The Philippines, Nigeria, China and Mexico rounded out the top five.

Click here for more highlights and insights from the latest USDA report, covering August 6 through August 12.

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