USDA’s latest export sales report, out Thursday morning and covering the week through February 27, didn’t have much eye-opening data for traders to digest. Corn exports were on the bullish end of the spectrum, leading the way in total volume and staying toward the higher end of analyst estimates. Soybean and wheat totals were more lackluster but stayed within the range of trade guesses.
Corn exports found 37.8 million bushels in combined old and new crop sales last week. Old crop sales trended 15% higher week-over-week, and total sales were on the higher end of analyst estimates, which ranged between 27.6 million and 43.3 million bushels. Cumulative sales for the 2024/25 marketing year remain moderately ahead of last year’s pace after reaching 1.096 billion bushels.
Corn export shipments shifted 10% below the prior four-week average, with 49.9 million bushels. Mexico, Japan, Spain, Portugal and the Netherlands were the top five destinations.
Sorghum exports sales slumped 69% below the prior four-week average, with just under 315,000 bushels. That grain is bound for Japan, China and Mexico. Cumulative sales for the 2024/25 marketing year are still around a third of last year’s pace, with 43.6 million bushels.
Soybean exports reached 15.0 million bushels in combined old and new crop sales last week. Old crop sales were very near the prior four-week average. Total sales were toward the lower end of analyst estimates, which ranged between 11.0 million and 22.0 million bushels. Cumulative sales for the 2024/25 marketing year are still ahead of last year’s pace after reaching 1.385 billion bushels.
Soybean export shipments tracked 20% below the prior four-week average, with 29.1 million bushels. China, Germany, Mexico, Egypt and the Netherlands were the top five destinations.
Wheat exports found 15.3 million bushels of combined old and new crop sales last week. That was toward the higher end of analyst estimates, which ranged between 8.3 million and 19.3 million bushels. Cumulative sales for the 2024/25 marketing year are still moderately above last year’s pace, with 558.0 million bushels.
Wheat export shipments inched 5% above the prior four-week average, with 14.0 million bushels. Mexico, the Philippines, Thailand, Vietnam and Japan were the top five destinations.
Click here for more highlights and data from the latest UDSA export sales report.