USDA’s latest export sales report, out Thursday morning and covering the week through July 24, held mostly bullish data for traders to digest. Corn volume was propped up by a bevy of new crop sales. Soybean volume was pleasantly strong, considering the continued absence of sales to China. Wheat volume were on the very high end of analyst estimates.
Old crop corn sales slumped 47% lower week-over-week, but a bounty of new crop sales helped move total volume to 87.9 million bushels last week. Total sales were on the high end of analyst estimates, which ranged between 31.5 million and 94.5 million bushels. Cumulative sales for the 2024-25 marketing year remain well above last year’s pace after reaching 2.428 billion bushels.
Corn export shipments improved 10% above the prior four-week average, with 58.6 million bushels. Japan, Mexico, Honduras, Morocco and Saudi Arabia were the top five destinations.
No sorghum sales were reported last week. That leaves total sales for the 2024-25 marketing year at less than a third of last year’s pace, with 64.1 million bushels.
Old crop soybean sales inched 4% ahead of the prior four-week average, and total sales were on the higher end of analyst estimates, which ranged between 7.3 million and 33.1 million bushels. Cumulative sales for the 2024-25 marketing year remain moderately above last year’s pace, with 1.737 billion bushels.
Soybean export shipments climbed 63% above the prior four-week average after reaching 18.4 million bushels. Egypt, Mexico, the Netherlands, Germany and Japan were the top five destinations.
Wheat export sales were down 17% week-over-week but steady from the prior four-week average, with 23.2 million bushels. That was also on the very high end of analyst estimates, which ranged between 11.0 million and 25.7 million bushels. Cumulative sales for the 2024-25 marketing year are modestly ahead of last year’s pace so far, with 118.6 million bushels.
Wheat export shipments slumped 46% below the prior four-week average, with 10.9 million bushels. Mexico, Nigeria, Japan, South Korea and Ecuador were the top five destinations.
Click here for more highlights from today’s USDA export sales report.