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Export Sales: Soybeans and wheat at marketing-year lows

Getty/iStockphoto/sirene68 Top view from drone of a large ship loading grain for export. Water transport
Corn volume also faces a sharp week-over-week decline.

There was noting but bearish data for traders to digest in USDA’s latest weekly export sales report, out Thursday morning and covering the week through December 30 – although light activity during the holidays was not a huge surprise. Old crop soybean sales fell to a marketing-year low, as did wheat sales. Corn sales were also disappointing after tumbling 80% lower week-over-week.

Corn export sales only made it to 10.1 million bushels last week, which was 81% below the prior four-week average. That was also well below the range of trade estimates, which came in between 19.7 million and 50.2 million bushels. Cumulative sales for the 2021/22 marketing year are still a bit behind last year’s pace, with 576.8 million bushels.

Corn export shipments were more robust, inching 7% higher week-over-week to 38.8 million bushels. Japan was the No. 1 destination, with 8.7 million bushels. Mexico, Colombia, China and Canada rounded out the top five.

Sorghum export sales were meager last week, falling 88% lower week-over-week to just under 900,000 bushels. China was the lone destination. Cumulative totals for the 2021/22 marketing year are still moderately trailing last year’s pace, with 63.5 million bushels.

Old crop soybean sales fell 63% below the prior four-week average to a marketing-year low of 14.1 million bushels. New crop sales pitched in another 2.5 million bushels, for a total of 16.6 million bushels. That was on the very low end of analyst estimates, which ranged between 14.7 million and 49.6 million bushels. Cumulative totals for the 2021/22 marketing year remain moderately below last year’s pace, with 1.125 billion bushels.

Soybean export shipments trended 1% higher from a week ago but 11% below the prior four-week average, with 64.0 million bushels. China was by far the No. 1 destination, with 33.5 million bushels. Egypt, Spain, Pakistan and the Netherlands filled out the top five.

Wheat exports also spilled to a marketing-year low of 1.9 million bushels in combined old and new crop sales. That was 87% below the prior four-week average and under the entire range of trade estimates, which ranged between 5.5 million and 16.5 million bushels. Cumulative totals for the 2021/22 marketing year are still more than 100 million bushels below last year’s pace, reaching 406.0 million bushels.

Wheat export shipments slid 17% below the prior four-week average to 7.7 million bushels. Nigeria was the No. 1 destination, with 1.9 million bushels. The Philippines, Japan, Taiwan and Mexico rounded out the top five.

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

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