USDA’s latest grain export sales report, out Thursday morning and covering the week through April 17, didn’t have much bullish data for traders to sift through. Corn volume once again led the way, although sales were down 26% week-over-week. Soybean volume was also pedestrian, while new crop wheat sales helped totals from posting dismal results.
Corn exports reached 45.4 million bushels last week, sliding 26% below the prior week’s volume but inching 1% higher than the prior four-week average. Sales were also on the higher end of analyst estimates, which ranged between 31.5 million and 55.1 million bushels. Cumulative sales for the 2024/25 marketing year remain moderately ahead of last year’s pace, with 1.582 billion bushels.
Corn export shipments eased 5% lower week-over-week, with 70.1 million bushels. Mexico, Japan, South Korea, Colombia and Morocco were the top five destinations.
Sorghum export sales were 32% better than the prior four-week average after reaching 842,480 bushels. That grain is bound to Mexico and unknown destinations. Cumulative sales for the 2024/25 marketing year are still trending at less than a third of last year’s pace, with 50.0 million bushels.
Soybean exports totaled 10.2 million bushels last week, with old crop sales slumping 25% below the prior four-week average. Sales were on the very low end of analyst estimates, which ranged between 7.3 million and 29.4 million bushels. Cumulative sales for the 2024/25 marketing year are still moderately ahead of last year’s pace after reaching 1.571 billion bushels.
Soybean export shipments eroded 39% below the prior four-week average, with 18.2 million bushels. Egypt, China, the Netherlands, Mexico and Japan were the top five destinations.
Wheat exports reached 8.3 million bushels last week, with net reductions of old crop sales more than offset by net sales of new crop sales. Total sales were near the middle of analyst estimates, which ranged between net reductions of 1.8 million bushels and net sales of 18.4 million bushels. Cumulative sales for the 2024/25 marketing year are still moderately above last year’s pace, with 664.1 million bushels.
Wheat export shipments were 10% better than the prior four-week average, with 17.6 million bushels. Vietnam, Mexico, the Philippines, Thailand and Taiwan were the top five destinations.
Click here for more highlights and data from the latest USDA export sales report.