Export sales of the US: Corn, soybeans missed the mark
United States
Published Mar 25, 2022
Tridge summary
Analysts had big expectations for the latest round of grain export sales data from USDA, out Thursday morning and covering the week through March 17. Old crop corn sales crumbled 47% lower week-over-week, while old crop soybean sales tilted 67% below the prior week’s tally. Wheat exports fared somewhat better, with total sales moving toward the higher end of trade guesses. Corn exports saw old crop sales reach 38.6 million bushels, which was 29% below the prior four-week average.
Original content
New crop sales chipped in another 240,000 bushels, for a total of 38.8 million bushels. That was on the very low end of analyst estimates, which ranged between 35.4 million and 86.6 million bushels. Cumulative sales for the 2021/22 marketing year are slightly trailing last year’s pace, with 1.193 billion bushels. Corn export shipments improved 17% from a week ago but were 8% below the prior four-week average, with 58.7 million bushels. China was the No. 1 destination, with 18.8 million bushels. Japan, Mexico, Colombia and Canada rounded out the top five. Sorghum export sales fell to a marketing-year low, with net reductions of 252,000 bushels. Sorghum shipments fared better, with 10.0, which was 19% above the prior four-week average. China accounted for more than 99% of the total, with Mexico picking up the tiny remainder. Old crop soybean sales tumbled 70% below the prior four-week average, to 15.1 million bushels. And new crop sales saw reductions of around 475,000 bushels, ...
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