There was noting but bearish data for traders to digest in USDA’s latest weekly export sales report, out Thursday morning and covering the week through December 30 - although light activity during the holidays was not a huge surprise. Old crop soybean sales fell to a marketing-year low, as did wheat sales. Corn sales were also disappointing after tumbling 80% lower week-over-week. Corn export sales only made it to 10.1 million bushels last week, which was 81% below the prior four-week average.
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That was also well below the range of trade estimates, which came in between 19.7 million and 50.2 million bushels. Cumulative sales for the 2021/22 marketing year are still a bit behind last year’s pace, with 576.8 million bushels. Corn export shipments were more robust, inching 7% higher week-over-week to 38.8 million bushels. Japan was the No. 1 destination, with 8.7 million bushels. Mexico, Colombia, China and Canada rounded out the top five. Sorghum export sales were meager last week, falling 88% lower week-over-week to just under 900,000 bushels. China was the lone destination. Cumulative totals for the 2021/22 marketing year are still moderately trailing last year’s pace, with 63.5 million bushels. Old crop soybean sales fell 63% below the prior four-week average to a marketing-year low of 14.1 million bushels. New crop sales pitched in another 2.5 million bushels, for a total of 16.6 million bushels. That was on the very low end of analyst estimates, which ranged between ...
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