News

US: USDA reports biggest week on record for corn exports

Maize (Corn)
Fresh Whole Beef
Published Feb 5, 2021

Tridge summary

The USDA says net corn export sales for the week ending January 28th were the largest on record, which extends back to 1990. The old crop total of nearly 7.5 million tons or more than 290 million bushels was driven by almost 6 million tons in sales to China, including the second and seventh largest single daily sales on record, as Beijing seeks to build-up feed inventories as it re-expands its swine industry. U.S. corn is significantly less expensive than China’s domestic supplies, even with freight costs. There were also more than 400,000 tons sold to unknown destinations, which could turn out to be China when it’s time for delivery. Soybean, soybean meal, wheat, and beef sales were up on the week, while sorghum, soybean oil, rice, cotton, and pork declined. The USDA’s next set of supply and demand estimates is out February 9th.Physical shipments of sorghum and soybeans were above what’s needed to meet USDA projections for the current marketing year. The 2020/21 marketing year got underway June 1st for wheat, August 1st for cotton and rice, September 1st for beans, corn, and sorghum, and October 1st for soybean products.

Original content

Wheat came out at 643,100 tons (23.6 million bushels), up 69% from the week ending January 21st and a big rise from the four-week average. China purchased 134,000 tons and Nigeria bought 129,600 tons, while unknown destinations canceled on 31,000 tons. At this point in the 2020/21 marketing year, wheat sales are 823.6 million bushels, compared to 781.4 million in 2019/20. Sales of 93,500 tons (3.4 million bushels) for 2021/22 delivery were to Mexico (37,500 tons) and the Philippines (34,000 tons).Corn was reported at 7,436,500 tons (292.8 million bushels), considerably larger than both the previous week and the four-week average. China picked up 5,860,400 tons and Japan purchased 502,900 tons. Nearing the end of the second quarter of the marketing year, corn sales are 2.209 billion bushels, compared to 897.2 million this time last year. Sales of 83,800 tons (3.3 million bushels) for 2021/22 delivery were to Japan.Sorghum sales were 63,700 tons (2.5 million bushels), down 66% from ...
By clicking “Accept Cookies,” I agree to provide cookies for statistical and personalized preference purposes. To learn more about our cookies, please read our Privacy Policy.