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Export Sales: Mixed bag this week

Getty/iStockphoto Container ship in the North Sea
Soybeans and wheat improve week-over-week, while corn slides lower.

USDA’s latest batch of grain export sales data, out Thursday morning and covering the week through November 11, provided a mixed set of numbers for traders to digest – as it often does. Corn sales slid 15% lower week-over-week while corn shipments reached a marketing-year high. Sorghum sales were also at a marketing-year high last week. Soybean volume moved 13% higher week-over-week, while wheat volume jumped 40% higher from a week ago.

Old crop corn export sales declined 15% from a week ago and fell 19% below the prior four-week average, with 35.6 million bushels. New crop sales added another 5.5 million bushels, for a total of 41.1 million bushels. That was slightly toward the lower end of trade guesses, which ranged between 31.5 million and 55.9 million bushels. Cumulative totals for the 2021/22 marketing year are trending modestly below last year’s pace, with 306.3 million bushels.

Corn export shipments climbed to a marketing-year high of 46.0 million bushels last week. Mexico was the No. 1 destination, with 15.9 million bushels. Colombia, Japan, Canada and Guatemala rounded out the top five.

Sorghum export sales were a welcome surprise, reaching a marketing-year high of 12.7 million bushels last week. That grain is bound for unknown destinations, China and Mexico. Cumulative sales for the 2021/22 marketing year remain moderately behind last year’s pace, meantime.

Soybean export sales improved 13% from a week ago but were still 20% below the prior four-week average, with 50.8 million bushels. That was toward the higher end of trade estimates, which ranged between 36.7 million and 59.9 million bushels. Cumulative totals for the 2021/22 marketing year remain moderately behind last year’s pace for now, with 608.4 million bushels.

Soybean export shipments slipped 12% below the prior four-week average but still came in at a robust 86.1 million bushels. China dominated all destinations, with 60.9 million bushels. The Netherlands, Mexico, Thailand and Spain rounded out the top five.

Wheat export sales climbed 40% higher week-over-week and were 21% above the prior four-week average, with 14.7 million bushels. That was near the middle of trade guesses, which ranged between 9.2 million and 19.3 million bushels. Cumulative totals for the 2021/22 marketing year are still moderately behind last year’s pace, with 340.8 million bushels.

Wheat export shipments climbed 65% above the prior four-week average to reach 11.4 million bushels. Nigeria was the top destination, with 4.8 million bushels. Venezuela, Guatemala, Japan and Mexico rounded out the top five.

Click here for more highlights and insights from the latest USDA report, covering November 5 through November 11.

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