Weekly Export Sales Report Released; Sales Still Strong

USDA on Thursday released it’s weekly export sales report and it shows that demand for corn, soybeans and wheat is still strong.

For the week ended Jan. 7, 2021, USDA reported an increase of 56.6 million bushels (mb) (1,437,700 metric tons) of corn export sales. USDA reported an increase of 33.4 mb (908,000 mt) of soybean export sales and an increase of 12.0 mb (326,000 mt) for 2021-22.

USDA also reported an increase of 8.2 mb (221,900 mt) of wheat export sales for 2020-21 and an increase of 0.4 mb (10,100 mt) for 2021-22. And USDA reported an increase of 7.5 mb (190,900 mt) of sorghum export sales.

It appears that most analysts view this week’s export sales report as bullish for soybeans and neutral to bullish for corn and wheat.