Weekly Export Activity Slows, Demand for Corn Remains Strong

Soybean export sales for the 2020/21 marketing year of 406.9 thousand metric tons (TMT), a marketing-year low, were 361 TMT below last week’s total and 68 percent below the four-week average of 1,257 TMT. No sales were recorded for the 2021/22 crop season, leaving total sales to 406.9 TMT.  Combined crop year sales were 47 percent below last week’s total but within analyst estimates that ranged from 400 to 1,150 TMT. 2020/21 export commitments are 87 percent of the USDA forecast. Export sales are noticeably above the 2019/20 crop year pace. Major purchases were reported for Thailand, China, and Vietnam.

Soybean meal sales for the 2020/21 marketing year of 163.8 TMT were 25.7 TMT above last week but 18 percent below the prior four-week average of 199.2 TMT. There were no sales for the 2021/22 crop seasons, leaving total sales at 163.8 TMT. Combined crop year sales were 19 percent over last week’s report and within analyst expectations that ranged from 100 to 300 TMT. Accumulated export commitments are 42 percent of forecast. Sales are two percent above last season’s pace. Major purchases were made by Bangladesh, Mexico, and the Philippines.

Soybean oil 2020/21 export sales of 2.5 TMT were 23.8 TMT below last week’s volume and 94 percent below the four-week average of 41.6 TMT. No sales were recorded for the 2021/22 crop season, leaving total sales to 2.5 TMT. Combined season sales were below analyst expectations that ranged from 5 to 30 TMT. 2020/21 marketing year commitments are 33 percent of forecast and need to average 18 TMT per week to meet projections. Soybean oil sales are 17 percent above last season’s pace. Major purchases were made by Costa Rica, Nicaragua, and Mexico.

Weekly corn export sales for the 2020/21 marketing year of 1,371.5 TMT were 294 TMT below last week and 14 percent under the prior four-week average of 1,586 TMT. No sales were recorded for the 2021/22 crop season, leaving combined season sales at 1,371.5 TMT.  Combined sales were 18 percent below last week but exceeded analyst expectations that ranged from 800 to 1,300 TMT. Increases were reported for China, Japan, and Mexico. 2020/21 export commitments are 57 percent of the USDA’s latest revised forecast. Export sales this season are 162 percent over the 2019/20 pace.

Wheat export sales for the 2020/21 marketing year of 446,400 metric tons, were 349 TMT below last week’s volume and 5 percent under the prior four-week average.  No sales were recorded for the 2021/22 crop season, leaving combined season sales at 446.4 TMT. Combined sales were 44 percent below last week’s and were below analyst expectations that ranged from 250 to 500 TMT. Export commitments are 70 percent of the 2020/21 USDA forecast and need to average 310 TMT per week to meet projections. Sales are 12 percent above last year’s pace. Major purchases were made by Taiwan, Mexico, and South Korea.