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Export Report: Traders ignore solid sales

Grain prices lightly mixed following USDA’s latest weekly report.

Ben Potter, Senior editor

August 3, 2023

2 Min Read
Cargo ship loading grain
Getty Images

The latest round of grain export sales data from USDA, out Thursday morning and covering the week through July 27, held mostly bullish data for traders to digest that went largely ignored as a number of other marketing factors remain on center stage – namely, ongoing geopolitical concerns in the Black Sea region and yield-friendly weather patterns in the U.S. Soybeans turned in the strongest performance, with wheat also on the higher end of analyst estimates. Corn volume was largely lackluster last week.

Corn exports found 18.0 in combined old and new crop sales last week. Old crop sales were 66% below the prior four-week average. Total sales were near the lower end of trade estimates, which ranged between 13.8 million and 47.2 million bushels. Cumulative sales for the 2022/23 marketing year remain noticeably below last year’s pace so far, with 1.452 billion bushels.

Corn export shipments improved 26% from the prior four-week average, with 24.7 million bushels. Mexico, Japan, Canada, Nicaragua and Honduras were the top five destinations.

Sorghum export sales were up noticeably from a week ago after moving to 5.5 million bushels. That grain is bound for unknown destinations and China. Cumulative totals for the 2022/23 marketing year are still trending at less than a third of last year’s pace so far, with 77.7 million bushels.

Soybean exports climbed to 100.0 million bushels in combined old and new crop sales last week. The bulk of that total comes from new crop sales to unknown destinations (which is typically later revealed to be Chinese purchases). Total sales nearly bested all trade estimates, which ranged between 38.6 million and 106.6 million bushels. Cumulative totals for the 2022/23 marketing year are still moderately below last year’s pace, with 1.856 billion bushels.

Soybean export shipments were 30% above the prior four-week average, with 12.7 million bushels. Mexico, Japan, Spain, the Netherlands and Egypt were the top five destinations.

Wheat exports reached 16.0 million bushels in combined old and new crop sales last week. Old crop sales shifted 40% above the prior four-week average. Total sales were near the higher end of trade estimates, which ranged between 7.3 million and 18.4 million bushels. Cumulative sales for the 2023/24 marketing year moved slightly ahead of last year’s pace, with 94.9 million bushels.

Wheat export shipments were 54% better than the prior four-week average, with 18.6 million bushels. China, Mexico, the Philippines, Vietnam and Japan were the top five destinations.

Click here for more highlights from the latest UDSA export sales report.

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Exports

About the Author(s)

Ben Potter

Senior editor, Farm Futures

Senior Editor Ben Potter brings two decades of professional agricultural communications and journalism experience to Farm Futures. He began working in the industry in the highly specific world of southern row crop production. Since that time, he has expanded his knowledge to cover a broad range of topics relevant to agriculture, including agronomy, machinery, technology, business, marketing, politics and weather. He has won several writing awards from the American Agricultural Editors Association, most recently on two features about drones and farmers who operate distilleries as a side business. Ben is a graduate of the University of Missouri School of Journalism.

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