USDA’s latest export sales report, out Thursday morning and covering the week through April 10, held mostly bullish data for traders to digest. Corn led the way again after moving moderately ahead of the prior four-week average and staying toward the higher end of analyst estimates. Soybean volume was also significantly higher week-over-week, and wheat volume inched slightly above the prior four-week average.
Corn exports found 61.9 million bushels in combined old and new crop sales last week. Old crop sales improved 39% above the prior four-week average, and total sales were toward the higher end of analyst estimates, which ranged between 23.6 million and 82.7 million bushels. Cumulative sales for the 2024/25 marketing year remain moderately ahead of last year’s pace, with 1.512 billion bushels.
Corn export shipments were 10% better than the prior four-week average, with a marketing-year high of 74.0 million bushels. Mexico, Japan, Colombia, Taiwan and South Korea were the top five destinations.
Sorghum export sales stumbled 49% lower week-over-week, with just over 450,000 bushels. That grain is bound for Mexico. Cumulative sales for the 2024/25 marketing year are still less than a third of last year’s pace, with 48.7 million bushels.
Soybean exports notched 27.1 million bushels in combined old and new crop sales last week. Old crop sales jumped 74% above the prior four-week average, and total sales were on the upper end of analyst estimates, which ranged between 3.7 million and 34.9 million bushels. Cumulative sales for the 2024/25 marketing year are still tracking moderately ahead of last year’s pace, with 1.553 billion bushels.
Soybean export shipments eased 8% below the prior four-week average, with 26.5 million bushels. China, the Netherlands, Germany, Mexico and Egypt were the top five destinations.
Wheat exports gathered 12.9 million bushels in combined old and new crop sales last week. Old crop sales inched 2% above the prior four-week average. Total sales were toward the higher end of analyst estimates, which ranged between net reductions of 3.7 million bushels and net sales of 18.4 million bushels. Cumulative sales for the 2024/25 marketing year are still moderately above last year’s pace after reaching 646.5 million bushels.
Wheat export shipments improved 11% versus the prior four-week average, with 17.8 million bushels. Mexico, Japan, Thailand, Nigeria and Taiwan were the top five destinations.
Click here for more highlights and data from the latest USDA export sales report.