September 23, 2021
The latest batch of grain export data from USDA, out Thursday morning and covering the week through Sept. 16, showed some lackluster results for corn and wheat, but soybean volume was more encouraging after moving to the upper end of trade estimates. Wheat volume fell 42% lower week-over-week but stayed just above the prior four-week average. Corn slumped to the lower end of trade estimates, meantime.
Corn export sales moved higher week-over-week but only gathered another 14.7 million bushels last week. Analysts were generally expecting a bigger haul, with trade guesses ranging between 11.8 million and 31.5 million bushels. Cumulative sales for the 2021/22 marketing year are less than half of last year’s pace so far, with 33.3 million bushels.
Corn export shipments were more robust, with 19.1 million bushels. Mexico accounted for more than half of that total, with 10.0 million bushels. China, Japan, Jamaica and Guatemala rounded out the top five.
Sorghum exports totaled 4.8 million bushels last week, with 100% of that grain bound for China. A modest volume of export shipments also traveled to Mexico last week.
Soybean exports saw net sales reach 33.2 million bushels last week. That was toward the higher end of trade estimates, which ranged between 18.4 million and 40.4 million bushels. Cumulative sales for the 2021/22 marketing year are still slim versus last year’s pace so far, however.
Soybean export shipments came in at 10.4 million bushels. Mexico was the No. 1 destination, with 3.1 million bushels. Japan, China, the Netherlands and Malaysia filled out the top five.
Wheat exports tumbled 42% lower week-over-week but stayed 1% above the prior four-week average, with 13.1 million bushels. That was a bit toward the lower end of trade estimates, which ranged between 9.2 million and 22.0 million bushels. Cumulative sales for the 2021/22 marketing year are still trending moderately below last year’s pace, with 251.3 million bushels.
Wheat export shipments inched 2% above the prior four-week average, with 18.7 million bushels. Mexico topped all destinations, with 3.4 million bushels. The Philippines, Japan, China and South Korea rounded out the top five.
Click here for more highlights and insights from the latest USDA report, covering Sept. 10 through Sept. 16.
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