Grain Markets: Weekly Exports Bearish for Corn, Wheat, Neutral for Soybeans

    Mississippi River Port ©Debra L Ferguson Stock Photography

    This week’s export sales report should be viewed as bearish for corn and wheat, and neutral to bullish for soybeans and milo, according to DTN Lead Analyst Todd Hultman.

    For the week ended Sept. 24, 2020, USDA reported an increase of 79.8 million bushels (mb) (2,027,100 metric tons) of corn export sales. Last week’s export shipments of 29.5 mb were below the 45.8 mb needed each week to achieve USDA’s export estimate of 2.325 billion bushels (bb) in 2020-21.

    Corn export commitments now total 969 mb in 2020-21 and are up 154% from a year ago. That is above USDA’s estimated pace at a time when the overall supply situation for corn is bearish, Hultman said.

    For the week ended Sept. 24, 2020, USDA reported an increase of 95.2 mb (2,591,200 mt) of soybean export sales. Last week’s export shipments of 41.9 mb were slightly above the 40.7 mb needed each week to achieve USDA’s export estimate of 2.125 bb in 2020-21.

    Soybean export commitments now total 1.401 bb in 2020-21 and are up 169% from a year ago. That is above USDA’s estimated pace at a time when the overall supply situation for soybeans is neutral to bullish, Hultman said.

    For the week ended Sept. 24, 2020, USDA reported an increase of 18.6 mb (506,300 mt) of wheat export sales for 2020-21 and a small increase of 1,300 mt for 2021-22. Last week’s export shipments of 23.7 mb were above the 18.8 mb needed each week to achieve USDA’s export estimate of 975 mb in 2020-21.

    Wheat export commitments now total 514 mb in 2020-21 and are up 8% from a year ago. That is above USDA’s estimated pace at a time when the overall supply situation for wheat remains bearish, Hultman said.

    For the week ended Sept. 24, 2020, USDA reported an increase of 1.5 mb (38,800 mt) of sorghum export sales and an increase of 5.4 mb (136,000 mt) for 2021-22. Last week’s export shipments of 2.3 mb were below the 5.2 mb needed each week to achieve USDA’s export estimate of 260 mb in 2020-21.

    Sorghum export commitments now total 110 mb in 2020-21 and are up sharply from a year ago. That is above USDA’s estimated pace at a time when the overall supply situation for sorghum is neutral to bullish, Hultman said.

    The Latest


    Send press releases to Ernst@Agfax.com.

    View All Events


    Send press releases to Ernst@Agfax.com.

    View All Events