USDA’s latest set of grain export sales data, out Thursday morning and covering the week through November 2, featured mostly bullish numbers for traders to digest. Soybeans once again led the way, with corn following closely behind with robust results. Wheat was more muted but still landed near the middle of analyst estimates.

Corn exports reached 45.5 million bushels in combined old and new crop sales last week. Old crop sales trended 36% above the prior week’s pace and stayed 4% above the prior four-week average. Total sales were on the higher end of analyst estimates, which ranged between 23.6 million and 49.2 million bushels. Cumulative totals for the 2023/24 marketing year are moderately ahead of last year’s pace so far, with 228.9 million bushels.

Corn export shipments reached a marketing-year high of 32.5 million bushels last week, jumping 42% above the prior four-week average. Mexico, Colombia, Canada, Honduras and Japan were the top five destinations.

Sorghum export sales were down 63% week-over-week and eased 12% below the prior four-week average, with 5.5 million bushels. China accounted for 100% of that total. Cumulative totals for the 2023/24 marketing year are still substantially above last year’s pace, with 17.1 million bushels.

Soybean export sales were down 8% from the prior four-week average but were still extremely healthy, with 39.7 million bushels. That was toward the lower end of analyst estimates, which ranged between 29.4 million and 57.0 million bushels. Cumulative totals for the 2023/24 marketing year are tracking slightly below last year’s pace, with 440.6 million bushels.

Soybean export shipments were 16% above the prior four-week average, with 82.2 million bushels. China, Mexico, Germany, the Netherlands and Taiwan were the top five destinations.

Wheat export sales trended 29% higher week-over-week but were still 26% below the prior four-week average, with 13.0 million bushels. That was near the middle of trade estimates, which ranged between 9.2 million and 18.4 million bushels. Cumulative totals for the 2023/24 marketing year remain moderately below last year’s pace so far, with 255.5 million bushels.

Wheat export shipments eroded 44% below the prior four-week average, with 4.9 million bushels. Chile, Mexico, Taiwan, Trinidad and Tobago, and Colombia were the top five destinations.

Click here for more highlights from the latest UDSA export sales report.