Exports Exceed Analyst Projections for Corn and Wheat

Weekly soybean export sales for the 2020/21 marketing year of 350.6 thousand metric tons (TMT) were 84.7.2 TMT over last week’s total but five percent below the four-week average of 370 TMT. There were 213.2 TMT in sales recorded for the 2021/22 crop season, lifting total sales to 563.8 TMT.  Combined crop year sales were 21 percent over last week’s total but within analyst estimates that ranged from 200 to 700 TMT. 2020/21 export commitments are 99 percent of the revised USDA forecast. Export sales are 76 percent above the 2019/20 crop year pace. Major purchases were reported for China, Indonesia, and Mexico.

Soybean meal sales for the 2020/21 marketing year of 261.6 TMT were 74.2 TMT above last week and 12 percent over the prior four-week average of 233 TMT. There were 18.3 TMT in sales recorded for the 2021/22 crop season, lifting total sales to 279.9 TMT. Combined crop year sales were 49 percent above last week’s report and exceeded analyst expectations that ranged from 100 to 250 TMT. Accumulated export commitments are 65 percent of forecast. Sales are on par with last season’s pace. Major purchases were made by Mexico, the Philippines, and Ecuador.

Soybean oil 2020/21 export sales were 4.9 TMT. Sales were 10 percent below last week’s report but 43 percent over the prior four-week average of 3.4 TMT. No sales were recorded for the 2021/22 crop season, leaving total sales at 4.9 TMT. Combined season sales were within analyst expectations that ranged from 0 to 20 TMT. 2020/21 marketing year commitments are 48 percent of forecast and need to average 22 TMT per week to meet projections. Soybean oil sales are 20 percent below last season’s pace. Major purchases were made by South Korea, Hong Kong, and Guatemala.

Weekly corn export sales for the 2020/21 marketing year of 395.5 TMT were 241 percent above last week’s sales but 48 percent under the prior four-week average of 754 TMT. There were 287.3 TMT in sales recorded for the 2021/22 crop season, lifting total sales to 682.8 TMT.  Combined sales were 341 percent over last week but within analyst expectations that ranged from 400 to 800 TMT. Sales bounced off last week’s marketing year low, reaching a three-week high  Increases were reported for Taiwan, Mexico, and South Korea. 2020/21 export commitments are 90 percent of the USDA’s revised forecast. Export sales this season are 112 percent over the 2019/20 pace.

Wheat export sales for the 2020/21 marketing year of 329,500 metric tons, were 50 percent above last week’s volume but four percent below the prior four-week average. There were 31 TMT in sales recorded for the 2021/22 crop season, lifting total sales to 360.5 TMT.   Combined season sales were 49 percent above last week’s total but within analyst expectations that ranged from 100 to 450 TMT. Export commitments are 90 percent of the 2020/21 USDA forecast and need to average 224 TMT per week to meet projections. Sales are four percent above last year’s pace. Major purchases were made by Mexico, Japan, and Thailand.