February 16, 2023
USDA’s newest grain export sales data, out Thursday morning and covering the week through February 9, didn’t have a lot of bullish data for traders to digest. Results were rangebound but unimpressive. Corn volume fared the best, staying on the higher end of analyst estimates but was still 15% below the prior four-week average. Soybeans were near the middle of trade guesses, while wheat sales faded 32% below the prior four-week average.
Corn export sales fell 12% lower week-over-week to 44.3 million bushels. That was toward the higher end of trade estimates, which ranged between 23.6 million and 55.1 million bushels. Cumulative sales for the 2022/23 marketing year remain well below last year’s pace, with 538.4 million bushels.
Corn export shipments jumped 70% higher week-over-week to 26.4 million bushels. Mexico, Saudi Arabia, Guatemala, El Salvador and Japan were the top five destinations.
Sorghum export sales were up noticeably from a week ago, reaching 4.4 million bushels. China accounted for the entirety of that volume. Cumulative totals for the 2022/23 marketing year are still far below last year’s pace, with 11.6 million bushels.
Soybean exports reached 28.4 million bushels in combined old and new crop sales. Old crop sales were up 37% from a week ago but down 35% from the prior four-week average. Totals sales were near the middle of analyst estimates, which ranged between 14.7 million and 40.4 million bushels. Cumulative totals for the 2022/23 marketing year are now trending slightly ahead of last year’s pace, with 1.439 billion bushels.
Soybean export shipments were nearly identical to the prior four-week average, with a robust total of 69.9 million bushels. China, Germany, the Netherlands, Spain and Mexico were the top five destinations.
Wheat exports found 8.6 million bushels in combined old and new crop sales. Old crop sales were 60% higher week-over-week but still 32% below the prior four-week average. That was also on the low end of analyst estimates, which ranged between 5.5 million and 18.4 million bushels. Cumulative totals for the 2022/23 marketing year are tracking slightly behind last year’s pace so far, with 476.3 million bushels.
Wheat export shipments firmed 25% above the prior four-week average, with 18.4 million bushels. Japan, Vietnam, Mexico, Egypt and the Philippines were the top five destinations.
Click here to read more highlights from the latest UDSA export sales report.
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