Corn sales rocket ahead
The latest export sales report from USDA, out Thursday morning and covering the week through December 10, was mixed but mostly positive, especially after corn sales climbed 40% above the prior four-week average and bested all trade estimates. Wheat sales also improved slightly from the prior four-week average, while soybeans faced moderate declines compared to recent weeks.
Corn export sales made it to 75.9 million bushels last week, which was 41% higher than a week ago and 40% above the prior four-week average. That tally also beat all trade estimates, which ranged between 31.5 million and 63.0 million bushels. Cumulative totals for the 2020/21 marketing year are still significantly higher than last year’s pace, now at 474.5 million bushels.
Corn export shipments were also 10% above the prior four-week average, with 38.0 million bushels. China topped all destinations, with 13.9 million bushels. Mexico, Japan, Colombia and Guatemala rounded out the top five.
Sorghum export sales rebounded to 12.8 million bushels last week, besting the prior four-week average by 56%. China and Japan were the primary buyers. Another 2.7 million bushels for 2021/22 were designated for unknown destinations. Cumulative totals for the 2020/21 marketing year have more than quadrupled last year’s pace so far, with 63.3 million bushels.
Soybean export sales boosted 62% higher week-over-week and 20% above the prior four-week average, reaching 33.9 million bushels in old crop sales, with another 3.5 million bushels of new crop sales. That was also better than all trade estimates, which ranged between 14.7 million and 33.1 million bushels. Cumulative totals for the 2020/21 marketing year are now at 1.191 billion bushels, which is far beyond last year’s pace of 692.1 million bushels.
Soybean export shipments were at 95.1 million bushels, inching 4% lower week-over-week but still landing 3% above the prior four-week average. China took most of that total, accounting for 62.5 million bushels. Thailand, Egypt, Indonesia and the Netherlands filled out the top five.
Wheat export sales spilled 12% lower week-over-week to 19.9 million bushels in old crop sales, tacking on another 771,000 bushels in new crop sales. That was on the high end of trade estimates, which ranged between 9.2 million and 23.9 million bushels. Cumulative sales for the 2020/21 marketing year have fallen slightly behind last year’s pace, with 483.6 million bushels.
Wheat export shipments were anemic last week, falling 41% below the prior four-week average to 8.8 million bushels. Indonesia was the No. 1 destination, with 2.8 million bushels. China, Mexico and Yemen accounted for the remainder.