Corn prices were firm in early Thursday trading following another strong round of export sales in USDA’s latest report, which covers the week through August 14. Soybean and wheat sales were also relatively strong, with Mexico continuing to step up with significant purchases for both commodities. Sorghum sales remained mostly nonexistent for another week, meantime.
Corn exports found 111.5 million bushels in total sales last week, with old crop net reductions of 1.1 million bushels well offset by a surge of 112.6 million bushels in new crop sales. That was also well above analyst estimates, which expected to see new crop sales come in between 35.4 million and 78.7 million bushels. Cumulative sales for the 2024-25 marketing year remain substantially above last year’s pace after reaching 2.577 billion bushels.
Corn export shipments faded 21% below the prior four-week average, with 41.0 million bushels. Mexico was the No. 1 destination, with 12.5 million bushels. Japan, South Korea, Colombia and Israel rounded out the top five.
Soybean sales reached 41.7 million bushels last week, with 200,000 in old crop reductions offset by an influx of 42.0 million bushels of new crop sales. New crop sales topped analyst expectations, which were as high as 36.7 million bushels. Cumulative sales for the 2024-25 marketing year are still tracking moderately above last year’s pace after reaching 1.796 billion bushels.
Soybean export shipments inched 9% higher than the prior four-week average, with 19.0 million bushels. Egypt was the No. 1 destination, with 4.7 million bushels. Mexico, Spain, Taiwan and the Netherlands filled out the top five.
Wheat exports shifted 25% below the prior four-week average but remained relatively strong, with 19.1 million bushels. However, that was also toward the lower end of analyst estimates, which ranged between 18.4 million and 29.4 million bushels. Cumulative sales for the 2025-26 marketing year remain a bit ahead of the prior year’s pace after reaching 168.0 million bushels.
Wheat export shipments inched 6% higher week-over-week after reaching 13.3 million bushels. Japan topped all destinations, with 2.1 million bushels. South Africa, Venezuela, Chile and the Philippines rounded out the top five.
Click here for more highlights from today’s USDA export sales report.