Export Sales Slow During Chinese New Year

OMAHA (DTN) — This week’s Export Sales report should be viewed as bullish for corn, soybeans and milo, and neutral for wheat, according to DTN Lead Analyst Todd Hultman.

For the week ended Feb. 18, 2021, USDA reported an increase of 17.8 million bushels (mb) (453,300 metric tons) of corn export sales and an increase of 5.7 mb (145,900 mt) for 2021-22. Last week’s export shipments of 46.9 mb were below the 59.6 mb needed each week to achieve USDA’s export estimate of 2.600 billion bushels (bb) in 2020-21. Corn export commitments now total 2.323 bb in 2020-21 and are up 128% from a year ago. That is above USDA’s estimated pace at a time when the overall supply situation for corn is bullish, Hultman said.

For the week ended Feb. 18, 2021, USDA reported an increase of 6.2 mb (167,900 mt) of soybean export sales and an increase of 2.6 mb (70,800 mt) for 2021-22. Last week’s export shipments of 38.7 mb were above the 11.8 mb needed each week to achieve USDA’s export estimate of 2.250 bb in 2020-21. Soybean export commitments now total 2.203 bb in 2020-21 and are up 78% from a year ago. That is above USDA’s estimated pace at a time when the overall supply situation for soybeans is bullish, Hultman said.

For the week ended Feb. 18, 2021, USDA reported an increase of 6.2 mb (167,700 mt) of wheat export sales for 2020-21 and an increase of 0.5 mb (14,800 mt) for 2021-22. Last week’s export shipments of 14.4 mb were below the 21.8 mb needed each week to achieve USDA’s export estimate of 985 mb in 2020-21. Wheat export commitments now total 866 mb in 2020-21 and are up 4% from a year ago. That is above USDA’s estimated pace at a time when the overall supply situation for wheat is neutral, Hultman said.

For the week ended Feb. 18, 2021, USDA reported a decrease of 700 mt of sorghum export sales. Last week’s export shipments of 4.9 mb were below the 6.5 mb needed each week to achieve USDA’s export estimate of 295 mb in 2020-21. Sorghum export commitments now total 233 mb in 2020-21 and are up 256% from a year ago. That is well above USDA’s estimated pace at a time when the overall supply situation for sorghum is bullish, Hultman said.