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Export Sales: Corn climbs again

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Today’s export sales report from USDA, covering the week through January 21, held another mixed batch of data for traders to digest. Corn sales climbed another 61% above its prior four-week average and surpassed all trade guesses. Wheat sales also posted week-over-week gains while landing in the middle of analyst estimates. Old crop soybean sales were relatively disappointing but were propped up by a healthy dose of new crop sales.

Corn export sales saw another 72.8 million bushels this past week, which was a 29% improvement from the prior week and 61% above the prior four-week tally. It was also better than all trade estimates, which ranged between 35.4 million and 66.9 million bushels. Japan was by far the No. 1 destination, with 27.4 million bushels. Cumulative totals for the 2020/21 marketing year are still well beyond last year’s pace, now at 748.8 million bushels.

Corn export shipments rose 60% higher week-over-week and 20% above the prior four-week average, to 55.7 million bushels. Japan topped all destinations, with 20.4 million bushels. Mexico, China, Colombia and South Korea rounded out the top five.

Sorghum export sales were for 7.3 million bushels of old crop sales plus another 2.5 million bushels in new crop sales last week, with 100% of that grain headed for China. Cumulative totals for the 2020/21 marketing year have more than tripled last year’s pace so far, with 94.4 million bushels.

Soybean export sales only gathered 17.1 million bushels in old crop sales last week, which was 45% below the prior four-week average. However, new crop sales brought in another 57.5 million bushels, for a total tally of 74.6 million bushels – besting all trade guesses, which ranged between 38.6 million and 71.7 million bushels. Cumulative totals for the 2020/21 marketing year are still far beyond last year’s pace, with 1.674 billion bushels.

Soybean export shipments were also robust, with 80.6 million bushels. That was down 8% from a week ago but 1% higher than the prior four-week average. China accounted for more than half of that total, with 49.3 million bushels. Mexico, Egypt, the Netherlands and Indonesia filled out the top five.

Old crop wheat export sales tracked 15% higher week-over-week and 13% above the prior four-week average, with 14.0 million bushels. New crop sales chipped in another 7.9 million bushels, for a total of 21.9 million bushels. That was on the upper end of trade estimates, which ranged between 9.2 million and 23.9 million bushels. Cumulative totals for the 2020/21 marketing year are still slightly below last year’s pace, with 569.9 million bushels.

Wheat export shipments were for 18.6 million bushels, climbing 92% higher week-over-week and 37% above the prior four-week average. Japan was the No. 1 destination, with 4.2 million bushels. Mexico, Indonesia, the Philippines and Sri Lanka rounded out the top five.

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