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Export sales: Corn notches new marketing-year high

Getty/iStockphoto Ship and containers at shipping yard
Soybeans also noticeably up week-over-week.

USDA’s latest export report, out Thursday morning and covering the week through March 3, held mostly bullish data for traders to digest and helped support price gains immediately after it was released. Corn sales soared to a new marketing-year high, and soybean sales jumped 76% above the prior four-week average. Wheat sales were less impressive but still firmed 21% above the prior four-week average.

Old crop corn sales reached 84.4 million bushels, with new crop sales adding around 900,000 bushels for a total of 85.3 million bushels. That was above the entire range of trade guesses prior to today’s report, which came in between 21.7 million and 74.8 million bushels. Cumulative totals for the 2021/22 marketing year hold a slim disadvantage to last year’s pace, reaching 1.084 billion bushels.

Corn export shipments improved 14% from the prior four-week average, with 69.4 million bushels. China was the No. 1 destination, with 21.9 million bushels. Mexico, Colombia, Japan and Saudi Arabia rounded out the top five.

Old crop soybean sales jumped 76% above the prior four-week average to 81.0 million bushels. New crop sales contributed another 32.9 million bushels for a total tally of 113.9 million bushels. That total was on the upper end of trade estimates, which ranged between 66.1 million and 117.6 million bushels. Cumulative totals for the 2021/22 marketing year are still moderately behind last year’s pace, however, with 1.529 billion bushels.

Soybean export shipments improved 11% week-over-week but remained 26% below the prior four-week average, with 30.7 million bushels. China was the No. 1 destination, with 11.2 million bushels. Egypt, Mexico, Indonesia and Japan filled out the top five.

Old crop wheat exports improved 21% from the prior four-week average, with 11.3 million bushels. New crop sales added 2.3 million bushels, bringing total sales to 13.6 million bushels. That was toward the lower end of analyst estimates, which came in between 9.2 million and 25.7 million bushels. Cumulative totals for the 2021/22 marketing year are now at 533.9 million bushels and remain moderately behind last year’s pace.

Wheat export shipments shifted 10% below the prior four-week average to 14.1 million bushels. Mexico was the top destination, with 3.2 million bushels. Japan, the Philippines, Thailand and Guatemala rounded out the top five.

Click here for more data from USDA’s latest report, covering February 25 to March 3.

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