The USDA's latest export report, released Thursday morning and covering the week ending March 28, contains data that is too mixed but largely lackluster for traders to understand. Ta. Corn sales were again in first place, but old crop sales fell by 21% compared to the previous week. Still, corn export shipments reached a market year high. Meanwhile, soybean sales did not match trade expectations, while wheat sales were fairly mediocre.
Corn exports last week totaled 37.8 million bushels, new and old, slightly below the average for the past four weeks. Total sales were also near the lower end of analyst estimates (31.5 million to 63 million bushels). His cumulative sales for the 2023/24 marketing year so far are 1.064 billion bushels, slightly above last year's pace.
Corn export shipments reached 64.6 million bushels, a new market year high. This was 27% better than the average over the previous four weeks. Mexico, Japan, Canada, Colombia and Honduras were the top five destinations.
Last week's sorghum sales were just 449,000 bushels, 74% worse than the average for the previous four weeks. All of that grain is destined for China. Total sales for the 2023/24 marketing year remain well above last year's pace after reaching 153.8 million bushels.
Soybean sales were 7.1 million bushels, 54% below the average for the past four weeks. This was also below overall trade expectations, which ranged from 7.3 million to 29.4 million bushels. The 2023/24 marketing year to date is still trending slightly below last year's pace at 1.351 billion bushels so far.
Soybean export shipments were also relatively disappointing, at 20.2 million bushels, 54% below the average for the past four weeks. China, Mexico, the Netherlands, Indonesia and South Korea were the top five destinations.
Last week's wheat exports showed that 10.2 million bushels of new and old wheat were sold. Old crop sales were pretty lackluster after falling 89% below the average for the past four weeks. Total sales were near the lower end of analyst estimates, ranging from a net reduction of 918,000 bushels to net sales of 23.9 million bushels. Cumulative sales for the 2023/24 marketing year reached 534.2 million bushels, slightly below last year's pace.
Wheat export shipments increased 27% from the previous week to 19 million bushels. China, Thailand, the Philippines, Mexico and Algeria were the top five destinations.
click here See more highlights from the latest UDSA Export Sales Report.
