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Export Sales: Soybeans jump 54% higher week-over-week

Getty/iStockphoto/sirene68 Top view from drone of a large ship loading grain for export. Water transport
Corn and wheat volumes also improve from a week ago

The latest round of grain export sales data from USDA, out Thursday morning and covering the week through Dec. 2, showed corn, soybean and wheat volume all trending above the prior week’s tallies. Soybeans firmed 54% and made it to the upper end of trade estimates. Corn volume was up 11% from a week ago, and USDA noted wheat totals were “noticeably” higher.

Corn export sales inched 2% above the prior four-week average to 44.6 million bushels. That was near the middle of trade guesses, which ranged between 23.6 million and 57.1 million bushels. Cumulative totals for the 2021/22 marketing year are still trending modestly behind last year’s pace, with 415.4 million bushels.

Corn export shipments slipped 4% below the prior four-week average, to 35.6 million bushels. Mexico was the No. 1 destination, with 15.3 million bushels. China, Canada, Colombia and Honduras rounded out the top five.

Sorghum exports moved to 12.4 million bushels last week, with sales to China more than offsetting some reductions to unknown destinations. Cumulative totals for the 2021/22 marketing year are still moderately behind last year’s pace, with 36.7 million bushels.

Soybean exports tracked 27% higher than the prior four-week average, with 60.2 million bushels. That was toward the upper end of analyst estimates, which ranged between 36.7 million and 65.2 million bushels. Cumulative totals for the 2021/22 marketing year remain moderately below last year’s pace, with 863.6 million bushels.

Soybean export shipments improved 5% from a week ago but remained 7% below the prior four-week average, with 89.4 million bushels. China accounted for more than half of that total, with 54.0 million bushels. Spain, the Netherlands, Mexico and Taiwan filled out the top five.

Wheat export sales moved noticeably above last week’s tally (which was a marketing-year low) but remained 27% lower than the prior four-week average, with 8.8 million bushels. Actuals were very close to the middle of trade guesses, which ranged between 1.8 million and 16.5 million bushels. Cumulative totals for the 2021/22 marketing year are still trending moderately below last year’s pace, with 368.9 million bushels.

Wheat export shipments fell 43% lower week-over-week and were 25% below the prior four-week average, with 7.8 million bushels. South Korea was the No. 1 destination, with 2.8 million bushels. Guatemala, Mexico, Honduras and Taiwan rounded out the top five.

Click here for more highlights and insights from the latest USDA report, covering Nov. 26 through Dec. 2.

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