Export Sales: Soybeans post better-than-expected resultsExport Sales: Soybeans post better-than-expected results

USDA’s latest grain export sales report, out Thursday morning and covering the week through September 22, showed mixed but mostly bullish results. Soybean sales led the way after surpassing the entire range of trade estimates issued prior to the report’s release. Corn sales were also relatively strong, but wheat sales were largely lackluster.

Corn sales found 26.5 million bushels of old and new crop sales last week. That was toward the higher end of analyst estimates, which ranged between 9.8 million and 31.5 million bushels. Cumulative bushels for the young 2022/23 marketing year are now at 63.0 million bushels.

Corn export shipments were also solid for this time of year, with 22.6 million bushels. Mexico, China, Japan, El Salvador and Venezuela were the top five destinations.

Sorghum export sales reached 2.1 million bushels last week. That grain is largely bound for unknown destinations, with a tiny remainder heading to Japan. Cumulative totals for the 2022/23 marketing year reached 16.6 million bushels.

Soybean exports saw old crop sales climb to 36.9 million bushels. That was better than the entire range of trade guesses, which came in between 9.2 million and 31.2 million bushels. New crop sales faced modest net reductions of 1.1 million bushels. Cumulative sales for the 2022/23 marketing year are now at 44.6 million bushels.

Soybean export shipments reached 9.9 million bushels last week. Japan, China, Mexico, Taiwan and Costa Rica were the top five destinations.

Wheat exports saw 10.3 million bushels of old crop sales but suffered a 1.1-million-bushel reduction in new crop sales, for a balance of 9.2 million bushels. That was on the lower end of analyst estimates, which ranged between 6.4 million and 18.4 million bushels. Cumulative totals for the 2022/23 marketing year reached 261.9 million bushels.

Wheat export shipments were more robust, with 22.8 million bushels. China, Chile, Nigeria, Mexico and Japan were the top five destinations.

Click here to see more results from USDA’s latest report.