Weekly Soybean & Corn Exports Exceed Forecast

Soybean export sales for the 2020/21 marketing year of 1,387.7 thousand metric tons (TMT), a marketing-year low, were 81 TMT below last week’s total and 18 percent below the four-week average of 1,694 TMT. No sales were recorded for the 2021/22 crop season, leaving total sales to 1,387.7 TMT.  Combined crop year sales were six percent below last week’s total but exceeded analyst estimates that ranged from 500 to 1,200 TMT. 2020/21 export commitments are 86 percent of the USDA forecast. Export sales are noticeably above the 2019/20 crop year pace. Major purchases were reported for Mexico, China, and Spain.

Soybean meal sales for the 2020/21 marketing year of 182.1 TMT were 36.8 TMT above last week but 27 percent below the prior four-week average of 249.5 TMT. There were no sales for the 2021/22 crop seasons, leaving total sales at 182.1 TMT. Combined crop year sales were 25 percent over last week’s report and within analyst expectations that ranged from 100 to 300 TMT. Accumulated export commitments are 36.2 percent of forecast. Sales are two percent above last season’s pace. Major purchases were made by Venezuela, Mexico, and Ecuador.

Soybean oil 2020/21 export sales of 45.1 TMT were 42.9 TMT below last week’s volume but 31 percent over the four-week average of 34.5 TMT. No sales were recorded for the 2021/22 crop season, leaving total sales to 45.1 TMT. Combined season sales exceeded analyst expectations that ranged from 8 to 40 TMT. 2020/21 marketing year commitments are 31 percent of forecast and need to average 18 TMT per week to meet projections. Soybean oil sales are 18 percent above last season’s pace. Major purchases were made by South Korea, Canada, and the Dominican Republic.

Weekly corn export sales for the 2020/21 marketing year of 1,088.6 TMT were 110 TMT over last week but 43 percent below the prior four-week average of 1,916 TMT. No sales were recorded for the 2021/22 crop season, leaving combined season sales at 1,088.6 TMT.  Combined sales were 11 percent above last week and exceeded analyst expectations that ranged from 600 to 1,000 TMT. Increases were reported for China, Japan, and Mexico. 2020/21 export commitments are 52 percent of the USDA’s latest revised forecast. Export sales this season are noticeably over the 2019/20 pace.

Wheat export sales for the 2020/21 marketing year of 192,400 metric tons, a marketing-year low, were 108.1 TMT below last week’s volume and 62 percent under the prior four-week average.  No sales were recorded for the 2021/22 crop season, leaving combined season sales at 192.4 TMT. Combined sales were 36 percent below last week’s and below analyst expectations that ranged from 250 to 550 TMT. Export commitments are 65 percent of the 2020/21 USDA forecast and need to average 332 TMT per week to meet projections. Sales are 10 percent above last year’s pace. Major purchases were made by China, Mexico, and Japan.