Farm Futures logo

Corn volume is largely lackluster, while wheat sales turned the page to a new marketing year

Ben Potter, Senior editor

June 9, 2022

2 Min Read
Ship with containers at shipping yard

The latest batch of grain export data from USDA, out Thursday morning and covering the week through June 2, marked the end of the 2021/22 marketing year for wheat. It also showed mixed results for corn and soybeans – corn sales were quite tepid, while soybeans offered a pleasant surprise.

Corn exports saw 11.0 million bushels in old crop sales plus another 2.9 million bushels of new crop sales for a total of 13.9 million bushels. While old crop sales improved 51% from a week ago, total volume slumped to the low end of trade estimates, which ranged between 6.9 million and 43.3 million bushels. Cumulative sales for the 2021/22 marketing year are running nearly 200 million bushels below last year’s pace, with 1.877 billion bushels.

Corn export shipments slipped 12% below the prior four-week average, with 54.4 million bushels. Mexico was the No. 1 destination, with 13.6 million bushels. China, Taiwan, Japan and Colombia rounded out the top five.

Sorghum exports spilled 69% lower week-over-week, with just over 400,000 bushels. Increases to China were largely offset by reductions from unknown destinations. Cumulative totals for the 2021/22 marketing year are slightly below last year’s pace, with 231.9 million bushels.

Soybean exports gathered 15.8 million bushels in old crop sales, plus another 21.9 million bushels in new crop sales for a total of 37.7 million bushels. That was on the higher end of analyst estimates, which ranged between 11.0 million and 44.1 million bushels. Cumulative totals for the 2021/22 marketing year were unable to gain any significant ground over last year’s pace after reaching 1.840 billion bushels.

Soybean export shipments tracked 17% below the prior four-week average, with 17.5 million bushels. China was notably not among the top five destinations this week. Instead, Mexico led the way with 7.0 million bushels, followed by Germany, Egypt, Japan and Colombia.

Wheat export sales started the 2022/23 marketing year with 16.6 million bushels. (Another 27.2 million bushels were carried over from last season, which ended May 31.) That was toward the higher end of trade guesses, which ranged between 6.4 million and 20.2 million bushels.

Wheat export shipments finished the 2021/22 marketing year 25% below the prior year’s pace, with just under 686 million bushels. New crop shipments (June 1-2) were primarily headed to Mexico, the Philippines, Japan, South Korea and Italy.

Click here for more results from USDA’s latest report, covering May 27 through June 2.


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.

Subscribe to receive top agriculture news
Be informed daily with these free e-newsletters

You May Also Like