USDA’s latest grain export sales report, out Thursday morning and covering the week through February 19, held largely disappointing results for traders to digest. Corn sales were especially lackluster after plunging 53% lower week-over-week and falling below the entire set of trade guesses. Wheat and soybean sales were also down substantially last week.
Corn exports saw combined old and new crop sales reach 27.5 million bushels last week. Old crop sales were down 53% week-over-week and were 56% below the prior four-week average. Total sales were also below analyst estimates, which ranged between 35.4 million and 70.9 million bushels. Cumulative sales for the 2025-26 marketing year still have a commanding lead over last year’s pace after reaching 1.509 billion bushels.
Corn export shipments were much more robust, with 77.5 million bushels. Japan, South Korea, Mexico, Colombia and Algeria were the top five destinations.
Sorghum export shipments eroded 96% below the prior four-week average after only reaching 370,000 bushels. Increases to China was slightly offset by reductions to unknown destinations. Cumulative sales for the 2025-26 marketing year are still tracking moderately above last year’s pace after reaching 74.2 million bushels.
Soybean export sales slumped 30% below the prior four-week average after reaching 15.0 million bushels. That was on the very low end of analyst estimates, which ranged between 14.7 million and 36.7 million bushels. Cumulative sales for the 2025-26 marketing year are still 19% below last year’s pace after reaching 919.8 million bushels.
Soybean export shipments fared a bit better after reaching 29.8 million bushels, although that was still 36% below the prior four-week average. China, Germany, Mexico, Japan and Egypt were the top five destinations.
Wheat exports were disappointing after only reaching 12.9 million bushels in combined old and new crop sales last week. Old crop sales were below all analyst estimates. Cumulative sales for the 2025-26 marketing year remain 15% ahead of last year’s pace after reaching 660.0 million bushels.
Wheat export shipments were 28% better than the prior four-week average, with 19.8 million bushels. The Philippines, South Korea, Nigeria, Bangladesh and Mexico were the top five destinations.
Click here for more highlights from today’s USDA export sales report.