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Serving: United States

Export sales: The soybean surge continues

Getty/iStockphoto Vessel loaded with corn
Corn and wheat sales relatively muted, in contrast

The latest set of export sales data from USDA, out Thursday morning and covering the week through December 1, held mixed but mostly pedestrian numbers for traders to digest. Soybean volume was impressive after more than doubling week-over-week output and climbing above the entire range of trade guesses. Corn landed near the middle of analyst estimates, while wheat totals were again largely disappointing.

Corn export sales moved slightly higher week-over-week to 27.4 million bushels. That was near the middle of trade estimates, which ranged between 11.8 million and 42.3 million bushels. Cumulative totals for the 2022/23 marketing year remain well below last year’s pace for now, with 262.7 million bushels since the beginning of September.

Corn export shipments were more robust, with 35.4 million bushels. China was the No. 1 destination, with 18.7 million bushels. Mexico, Japan, Canada and Taiwan rounded out the top five.

Sorghum export sales slumped to 138,000 bushels, down from 200,000 bushels the prior week. That grain is bound for China, which barley outmatched cancellations from unknown destinations. Cumulative totals for the 2022/23 marketing year is far behind last year’s pace so far, with 6.9 million bushels.

Soybean exports jumped from 25.0 million bushels the prior week up to 64.2 million bushels in combined old and new crop sales. That bested the entire range of trade estimates, which came in between 22.0 million and 53.3 million bushels. Cumulative totals for the 2022/23 marketing year are still moderately below last year’s pace, with 778.0 million bushels.

Soybean export shipments were impressive, with 82.6 million bushels. China accounted for more than half of that total, with 61.4 million bushels. Germany, Indonesia, Taiwan and Mexico filled out the top five.

Wheat export sales were relatively disappointing, with just 7.0 million bushels. That was toward the lower end of analyst estimates, which ranged between 5.5 million and 14.7 million bushels. Cumulative totals for the 2022/23 marketing year are slightly behind last year’s pace, with 358.3 million bushels.

Wheat export shipments were also lackluster, with 9.5 million bushels. The Philippines topped all destinations, with 4.0 million bushels. Japan, Algeria, Mexico and Nigeria rounded out the top five.

Click here for more highlights from the latest UDSA export sales report.

TAGS: Exports USDA
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