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Export sales: Corn posts encouraging results

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Soybean volume also impressive, with wheat up slightly week-over-week.

USDA’s latest batch of grain export data, out Thursday morning and covering the week through Sept. 30, held mostly bullish data for traders to digest today. Corn results were the most positive after more than doubling the prior week’s results and climbing higher than the entire range of analyst estimates. Soybean volume was mostly steady from a week ago and stayed on the upper end of trade guesses, while wheat tilted 15% higher week-over-week.

Corn export inspections jumped to 49.8 million bushels last week, with the bulk of that volume bound for Mexico and Colombia. That was substantially better than the entire range of trade estimates, which ranged between 13.8 million and 31.5 million bushels. Cumulative sales for the 2021/22 marketing year still have some catching up to do, with 98.3 million bushels.

Corn export shipments were also solid, with 38.4 million bushels. Mexico was the No. 1 destination, with 13.7 million bushels. China, Japan, Colombia and Venezuela rounded out the top five.

Soybean exports landed another 38.3 million bushels last week, mostly bound for China, Indonesia, Germany, Taiwan and Spain. That was toward the upper end of trade estimates, which ranged between 22.0 million and 44.1 million bushels. Cumulative sales for the 2021/22 marketing year, with 73.5 million bushels (roughly a third of last year’s pace).

Soybean export shipments moved to 34.5 million bushels. China was the top destination, with 10.2 million bushels. Indonesia, the Netherlands, Germany and Mexico filled out the top five.

Wheat export sales trended 15% higher from a week ago but slid 19% below the prior four-week average, with 12.2 million bushels. That was near the middle of trade guesses, which ranged between 7.3 million and 18.4 million bushels. Cumulative totals for the 2021/22 marketing year remain moderately below last year’s pace, with 284.9 million bushels.

Wheat export shipments moved 57% higher week-over-week and 22% above the prior four-week average, with just under 20 million bushels. The Philippines topped all destinations, with 8.9 million bushels. Peru, South Korea, Guatemala and Japan rounded out the top five.

Click here for more highlights and insights from the latest USDA report, covering Sept. 24 through Sept. 30.

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