May 19, 2022
USDA’s latest set of grain export sales data, out Thursday morning and covering the week through May 12, held mixed but mostly positive numbers for traders to digest. Old crop wheat exports fared the worst, falling to a marketing-year low, but new crop sales propped up the total to more respectable levels. Corn sales were rangebound versus analyst estimates, and soybean sales moved to the upper end of trade guesses.
Old crop corn sales were up noticeably from the prior week, with 17.1 million bushels. New crop sales contributed another 23.2 million bushels, for a total of 40.3 million bushels. That was near the middle of analyst estimates, which came in between 25.6 million and 53.1 million bushels. Cumulative totals for the 2021/22 marketing year are still trending moderately below last year’s pace, with 1.690 billion bushels.
Corn export shipments shifted 8% lower week-over-week and 11% below the prior four-week average, with 54.3 million bushels. Mexico was the No. 1 destination, with 14.4 million bushels. South Korea, Colombia, China and Japan rounded out the top five.
Sorghum exports dropped to a marketing-year low of 2.6 million bushels. All of that grain is bound for China. Cumulative sales for the 2021/22 marketing year are slightly behind last year’s pace, with 210.4 million bushels. Sorghum export shipments fell 18% below the prior four-week average, with 7.6 million bushels.
Soybean exports saw old crop sales jump 65% above the prior four-week average, with 27.7 million bushels. New crop sales added another 5.5 million bushels, for a total of 33.2 million bushels. That was toward the higher end of trade estimates, which ranged between 7.3 million and 40.4 million bushels. Cumulative totals for the 2021/22 marketing year are still running moderately behind last year’s pace, with 1.790 billion bushels.
Soybean export shipments firmed 45% above the prior four-week average, with 35.2 million bushels. Egypt topped all destinations, with just under 10.0 million bushels. China, Mexico, Indonesia and the Netherlands filled out the top five.
Old crop wheat sales were disappointing, with just 312,000 bushels. New crop sales fared better, adding another 12.0 million bushels and bringing the total to 12.3 million bushels. That was on the upper end of trade estimates, which ranged between zero and 14.7 million bushels. Cumulative totals for the 2021/22 marketing year remain moderately below last year’s pace, with 656.2 million bushels.
Wheat export shipments inched 1% above the prior four-week average, with 12.7 million bushels. Nigeria was the No. 1 destination, with 2.8 million bushels. Mexico, Thailand, Taiwan and Venezuela rounded out the top five.
Click here for more results from USDA’s latest report, covering May 6 through May 12.
About the Author(s)
Senior editor, Farm Futures
Senior Editor Ben Potter brings more than 14 years 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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