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Export Sales: Soybeans continue to impress

Getty/iStockphoto/Jorg Greuel barge with shipping containers
Corn also posts strong results, while wheat falters.

The latest export sales report from USDA, out Thursday morning and covering the week through February 10, held mostly bullish data for traders to consider. Soybean results were very strong after a solid blend of old and new crop sales. Corn volume was also up moderately week-over-week and made it towards the upper end of trade estimates. Wheat failed to keep pace, however, after staying well below the prior four-week average.

Corn exports saw 32.3 million bushels in old crop sales plus another 4.5 million bushels in new crop sales for a total tally of 36.8 million bushels. Old crop sales were up moderately week-over-week but still 23% below the prior four-week average. Total sales were toward the higher end of trade estimates, which ranged between 19.7 million and 49.2 million bushels. Cumulative totals for the 2021/22 marketing year are still trending slightly below last year’s pace, with 879.2 million bushels.

Corn export shipments jumped to a marketing-year high of 63.7 million bushels. Mexico was the No. 1 destination, with 18.8 million bushels. China, Japan, Canada and Colombia rounded out the top five.

Old crop soybean sales improved 26% from the prior four-week average to 50.0 million bushels. New crop sales contributed an additional 56.1 million bushels for a total of 106.1 million bushels. That was on the higher end of trade estimates, which came in between 57.0 million and 121.3 million bushels. Cumulative sales for the 2021/22 marketing year are still more than 400 million bushels below last year’s pace, reaching 1.426 billion bushels.

Soybean export shipments slid 7% lower week-over-week and 19% below the prior four-week average, to 44.6 million bushels. China accounted for nearly half of that total, with 21.2 million bushels. The Netherlands, Mexico, Taiwan and Germany filled out the top five.

Wheat exports saw total old and new crop sales only reach 4.7 million bushels. Trade estimates prior to today’s report showed a wide range that came in between 2.8 million and 23.9 million bushels. Cumulative totals for the 2021/22 marketing year remain moderately behind last year’s pace, with 486.3 million bushels.

Wheat export shipments fared better, trending 9% above the prior four-week average to 15.1 million bushels. Mexico was the top destination, with 3.4 million bushels. Taiwan, the Philippines, Thailand and Japan rounded out the top five.

Click here for more data from USDA’s latest report, covering February 4 to February 10.

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