USDA’s latest export sales report, out Thursday morning and covering the week through January 23, held another mixed round of data for traders to digest. Corn sales led the way once again, although volume trended 18% lower week-over-week. Wheat volume was also relatively strong, while soybeans faded below the entire range of analyst estimates.
Corn exports found 55.3 million bushels in combined old and new crop sales last week. Old crop sales were 18% lower week-over-week but still 39% above the prior four-week average. Totals sales were near the middle of analyst estimates, which ranged between 33.5 million and 70.9 million bushels. Cumulative sales for the 2024/25 marketing year remain moderately above last year’s pace after reaching 824.1 million bushels.Corn export shipments were 9% better than the prior four-week average, with 52.0 million bushels. Japan, Mexico, South Korea, Spain and Colombia were the top five destinations.
Soybean export sales only reached 16.3 million bushels last week, which was 33% below the prior four-week average. That was also below the entire set of trade guesses, which ranged between 16.5 million and 62.5 million bushels. Cumulative sales for the 2024/25 marketing year are still tracking moderately ahead of last year’s pace after reaching 1.213 billion bushels.
Soybean export shipments shifted 29% lower week-over-week and landed 47% below the prior four-week average, with 27.1 million bushels. China, Turkey, Mexico, Spain and the United Kingdom were the top five destinations.
Wheat export sales reached 16.8 million bushels last week, which was 96% better than the prior four-week average. That was toward the higher end of analyst estimates, which ranged between 5.5 million and 20.2 million bushels. Cumulative sales for the 2024/25 marketing year are still moderately above last year’s pace after reaching 490.5 million bushels.
Wheat export shipments jumped 97% above the prior four-week average, with 21.6 million bushels. South Korea, Japan, Thailand, Mexico and the Philippines were the top five destinations.
Click here for more highlights and data from the latest UDSA export sales report.