Export sales: Old crop results disappoint in the United States
Maize (Corn)
Published May 27, 2022
Tridge summary
The latest set of grain export sales data from USDA, out Thursday morning and covering the week through May 19, showed hugely disappointing results, especially when it came to old crop sales. Corn and wheat volume each spilled to new marketing-year lows, while old crop soybean sales fell 48% below the prior four-week average. Futures faded into the red following today’s report.
Original content
Old crop corn sales reached 6.0 million bushels - a marketing-year low - with new crop sales only adding another 2.3 million bushels, bringing the total tally to 8.3 million bushels. That was definitively below trade guesses, which ranged between 13.8 million and 51.2 million bushels. Cumulative sales for the 2021/22 marketing year are still running moderately behind last year’s pace, with 1.761 billion bushels. Corn export shipments were much more robust, trending 15% higher than the prior four-week average to 71.7 million bushels. China was the No. 1 destination, with 31.2 million bushels. Japan, Mexico, Canada and South Korea rounded out the top five. Sorghum exports fell 94% week-over-week after facing small reductions after a Chinese cancellation. Cumulative sales for the 2021/22 marketing year are slightly below last year’s pace, with 217.9 million bushels. Old crop soybean sales fell 63% lower week-over-week to 10.2 million bushels. New crop sales contributed another 16.3 ...
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