The USDA's latest export sales report, released Thursday morning, covers the week ending May 16, but there wasn't much bullish data for traders to digest. Corn volumes are once again leading the way, with old crop sales trending up 23% week-on-week. Meanwhile, soybean and wheat sales volumes were near the lower end of analysts' expectations.
Corn exports last week totaled 47.9 million bushels, including both old and new crops. Old crop sales were near the midpoint of analyst estimates, in the range of 29.5 million to 65 million bushels. Cumulative sales for the 2023/24 marketing year are at 1.451 billion bushels, still slightly ahead of last year's pace.
Corn export shipments increased 52% from the previous week to 57 million bushels. Mexico, China, Japan, Colombia and Saudi Arabia were the top five destinations.
Sorghum export sales were 161,000 bushels, 85% below the average for the past four weeks. China was the only destination. Cumulative sales for the 2023/24 marketing year are 187.2 million bushels so far, well above last year's pace.
Last week's soybean exports totaled 12.7 million bushels, new and old. Old crop sales improved 5% from the previous week, but were still down 15% from the previous four-week average. Total sales remained at very low trade expectations of 10.1 million to 27.6 million bushels. His cumulative sales for the 2023/24 marketing year are still slightly below last year's pace at 1.447 billion bushels.
Soybean export shipments fell to a market-year low of 9.5 million bushels. Mexico, Japan, Indonesia, South Korea and Vietnam were the top five destinations.
Wheat exports were disappointing, with sales of new and old crops totaling just 8.9 million bushels. Old crop sales were 61% below the average for the past four weeks. Total sales were near the lower end of analyst estimates (3.7 million to 27.6 million bushels). Cumulative sales for the 2023/24 marketing year are slightly ahead of last year's pace so far after reaching 651 million bushels.
Wheat exports were 58% below the past four-week average after reaching 7.2 million bushels. The Philippines, Thailand, Mexico, Japan, and Haiti are the top five export destinations.
click here Check out more highlights from the latest UDSA Export Sales Report.
