USDA’s latest export sales report, out Thursday morning and covering the week through March 6, held mixed but mostly bullish data for traders to digest. Wheat sales came in unexpectedly strong after jumping above the entire range of analyst estimates. Soybean sales were also relatively strong, while corn sales were slightly on the lower end of trade guesses.
Corn exports found 38.6 million bushels in combined old and new crop sales last week. Old crop sales tracked 6% higher week-over-week but were still 19% below the prior four-week average. Total sales were toward the lower end of analyst estimates, which ranged between 28.5 million and 59.1 million bushels. Cumulative sales for the 2024/25 marketing year remain moderately above last year’s pace after reaching 1.159 billion bushels.
Sorghum export sales were 28% better than the prior four-week average, with 1.3 million bushels. That grain is bound for Mexico, partially offset by reductions to Spain. Cumulative sales for the 2024/25 marketing year are still less than a third of last year’s volume so far, with 45.7 million bushels.
Soybean exports reached 29.2 million bushels in combined old and new crop sales. Old crop sales jumped noticeably above the prior four-week average, and total sales were on the very high end of analyst estimates, which ranged between 10.1 million and 29.4 million bushels. Cumulative sales for the 2024/25 marketing year are still moderately higher than last year’s pace, with 1.416 billion bushels.
Soybean export shipments inched 4% higher than the prior four-week average, with 33.9 million bushels. China, Indonesia, the Netherlands, Egypt and Germany were the top five destinations.
Wheat exports jumped to 31.8 million bushels in combined old and new crop sales last week. Old crop sales were 83% above the prior four-week average, and total sales were above the entire set of analyst estimates, which ranged between 10.1 million and 27.6 million bushels. Cumulative sales for the 2024/25 marketing year are still trending moderately above last year’s pace, with 566.1 million bushels.
Wheat export shipments slumped 43% below the prior four-week average, with 8.2 million bushels. Mexico, Taiwan, the Philippines, El Salvador and Costa Rica were the top five destinations.
Click here for more highlights and data from the latest UDSA export sales report.