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Export Sales: Corn climbs to marketing-year high

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GOOD NEWS: Latest USDA export data shows global demand for grains and oilseeds continues
Soybeans and wheat also improve from a week ago

The latest batch of grain export sales data from USDA, out a day later than normal due to office closures on Thanksgiving and covering the week through November 18, held largely bullish data for traders to digest. Old crop corn volume trended to a marketing-year high, wheat climbed 70% above the prior four-week average, and soybeans shifted 13% higher week-over-week.

Corn exports saw 56.3 million bushels in old crop sales and other 3.5 million bushels in old crop sales for a total of 59.8 million bushels. That was on the very high end of trade estimates, which ranged between 31.5 million and 61.0 million bushels. Cumulative totals for the 2021/22 marketing year are still a bit behind last year’s pace, making it to 342.8 million bushels.

Corn export shipments faded 20% below last week’s pace but firmed 12% above the prior four-week average, with 36.6 million bushels. Mexico was the No. 1 destination, with 11.2 million bushels. China, Japan, Colombia and Saudi Arabia rounded out the top five.

Sorghum export sales made it to 5.8 million bushels last week, with China buying the entirety of that volume. Cumulative sales for the 2021/22 marketing year are still well behind last year’s pace, with 22.3 million bushels. Sorghum export shipments pushed to a marketing-year high of 8.5 million bushels. China accounted for more than 99% of the total, with Mexico picking up the small remainder.

Soybean sales firmed 13% ahead of last week’s pace and the prior four-week average, to 57.5 million bushels. That was toward the higher end of trade estimates, which ranged between 33.1 million and 68.0 million bushels. Cumulative totals for the 2021/22 marketing year remain moderately behind last year’s pace, with 691.1 million bushels.

Soybean export shipments tipped 4% lower week-over-week and tilted 18% below the prior four-week average, to 82.8 million bushels. China was by far the No. 1 destination, with 51.8 million bushels. Thailand, Pakistan, Mexico and the Netherlands filled out the top five.

Wheat export sales improved 42% week-over-week and jumped 70% above the prior four-week average, to 20.9 million bushels. That was nearly above all trade guesses, which ranged between 9.2 million and 21.3 million bushels. Cumulative totals for the 2021/22 marketing year remain moderately behind last year’s pace, with 347.4 million bushels.

Wheat export shipments slid 10% below the prior four-week average, to 7.3 million bushels. Mexico was the No. 1 destination, with just 2.2 million bushels. South Korea, Japan, Spain and the Philippines rounded out the top five.

Click here for more highlights and insights from the latest USDA report, covering November 12 through November 18.

TAGS: Trade
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