The latest grain export sales data released by the U.S. Department of Agriculture Thursday morning and released throughout the week showed bullish and bearish trends developing. Corn sales showed the most upward trend, with sales remaining 10% above the previous four-week average and shipments reaching the highest level of the marketing year. Meanwhile, sales of soybeans were almost flat, and sales of old-crop wheat fell to the lowest level of the market year.
Corn exports slowed to an 8% decline from the previous week, but were still 10% above the four-week average at 46.7 million bushels. This was around the middle of analysts' expectations (31.5 million to 58.1 million bushels). Cumulative volumes for the 2023/24 marketing year are still trending slightly above last year's pace so far after reaching 950.5 million bushels.
Corn export shipments reached a market-year high of 60.2 million bushels, 31% above the previous four-week average. Mexico, Japan, Taiwan, South Korea and Colombia were the top five destinations.
Sorghum export sales were about 385,000 bushels, 91% below the average for the past four weeks. Increases to Japan were partially offset by decreases from China. Year-to-date sales for the 2023/24 marketing year remain significantly ahead of last year's pace so far, reaching 147.6 million bushels.
Last week's soybean exports totaled 18.2 million bushels of new and old soybeans. Old crop sales were 86% higher than the average for the past four weeks. Total sales were within a range, with analysts expecting 9.2 million to 33.1 million bushels. Cumulative sales for the 2023/24 marketing year are still trending slightly below last year's pace after reaching 1.304 billion bushels.
Soybean export shipments totaled 28.4 million bushels, 32% below the four-week average. China, Mexico, Indonesia, Japan and Vietnam were the top five destinations.
Wheat exports faced a decline in net sales of old crops, but recorded net sales of 6.5 million bushels last week due to new crop sales. This still fell short of the lower end of analysts' expectations of between 7.3 million bushels of net savings and 23.5 million bushels of net sales. Cumulative sales for the 2023/24 marketing year are slightly below last year's pace so far at 501 million bushels.
Wheat export shipments totaled 14.5 million bushels, 9% below the four-week average. Mexico, South Korea, China, Algeria and Japan were the top five destinations.
click here See more highlights from the latest UDSA Export Sales Report.
