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Export sales: Corn, soybean sales disappoint

Getty/iStockphoto Barge on open water with shipping containers
Wheat fares better after posting rangebound results.

The latest set of export sales data from USDA, out Thursday morning and covering the week through June 23, held most disappointing numbers for traders to digest. Old crop corn and soybean sales were especially dismal – each crop spilled to a marketing-year low. Wheat sales were more encouraging after moving to the higher end of analyst estimates this past week.

Old crop corn sales fell to a marketing-year low of 3.5 million bushels. New crop sales only contributed another 4.7 million bushels, for a total of 8.2 million bushels. That was below the entire range of trade guesses, which came in between 11.8 million and 47.2 million bushels. Cumulative totals for the 2021/22 marketing year remain moderately behind last year’s pace, with 2.026 billion bushels.

Corn export shipments fared much better, moving 9% higher week-over-week but fading 9% below the prior four-week average to 49.4 million bushels. Japan was the No. 1 destination, with 16.8 million bushels. Mexico, China, South Korea and Guatemala rounded out the top five.

Sorghum export sales tumbled 90% below the prior four-week average, with just under 142,000 bushels. That grain is bound for China and Mexico. Cumulative totals for the 2021/22 marketing year have fallen just under last year’s pace, with 246.0 million bushels.

Old crop soybean sales slumped to a marketing-year low, with net reductions of 4.4 million bushels. New crop sales contributed 4.7 million bushels, leaving a net positive of only around 300,000 bushels. That was on the very low end of trade estimates, which ranged between zero and 29.4 million bushels. Cumulative totals for the 2021/22 marketing year are still moderately below last year’s pace, with 1.901 billion bushels.

Soybean export shipments tracked 5% higher week-over-week and inched 3% above the prior four-week average, with 19.0 million bushels. The Netherlands topped all destinations, with 5.9 million bushels. China, Mexico, Egypt and Japan filled out the top five.

Wheat export sales made it to 18.3 million bushels last week. That was on the higher end of trade estimates, which ranged between 7.3 million and 22.0 million bushels. Cumulative sales for the 2022/23 marketing year are fractionally below last year’s pace, with 42.6 million bushels.

Wheat export shipments reached 8.9 million bushels last week. The Philippines, Mexico, Nigeria, Italy and Vietnam were the top five destinations.

Click here for more results from USDA’s latest report, covering June 17 through June 23.

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