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Export Report: Grain sales fail to impress

Corn, soybeans and wheat volume all land within trade expectations

Ben Potter, Senior editor

May 31, 2024

2 Min Read
Grain sales fail to impress
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The latest set of grain export sales data from USDA, out Thursday morning and covering the week through May 23, didn’t have much impressive data for traders to digest. Old crop corn, soybean and wheat sales all trended lower than their prior respective four-week average but still managed to stay within the range of analyst estimates.

Corn exports reached 39.3 million bushels in combined old and new crop sales last week. Old crop sales eased 2% below the prior four-week average. Total sales were near the middle of trade estimates, which ranged between 23.6 million and 55.1 million bushels. Cumulative totals for the 2023/24 marketing year are still tracking moderately above last year’s pace so far after reaching 1.492 billion bushels.

Corn export shipments were down 28% from a week ago and were 17% below the prior four-week average, with 41.1 million bushels. Mexico, Japan, Colombia, China and Taiwan were the top five destinations.

Sorghum export sales moved noticeably higher week-over-week after reaching 2.4 million bushels. China was the lone destination. Cumulative totals for the 2023/24 marketing year are still more than quadrupling last year’s pace so far after reaching 189.0 million bushels.

Soybean exports gathered 12.4 million bushels in combined old and new crop sales last week. Old crop sales improved 18% year-over-year but were still 5% below the prior four-week average. Totals sales were a bit toward the lower end of analyst estimates, which ranged between 7.3 million and 20.2 million bushels. Cumulative sales for the 2023/24 marketing year remain moderately below last year’s pace, with 1.455 billion bushels.

Soybean export shipments eroded to a marketing-year low of 7.7 million bushels. China, Egypt, Mexico, Indonesia and Japan were the top five destinations.

Wheat exports reached 16.3 million bushels in combined old and new crop sales last week. Old crop sales were tepid, but an influx of new crop sales helped the total move toward the higher end of trade guesses, which ranged between 3.7 million and 18.4 million bushels. Cumulative sales for the 2023/24 marketing year are still tracking slightly above last year’s pace after reaching 664.0 million bushels.

Wheat export shipments jumped 80% higher week-over-week but were still 5% below the prior four-week average, with 13.0 million bushels. The Philippines, Taiwan, Japan, Mexico and Venezuela were the top five destinations.

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

About the Author(s)

Ben Potter

Senior editor, Farm Futures

Senior Editor Ben Potter brings two decades of professional agricultural communications and journalism experience to Farm Futures. He began working in the industry in the highly specific world of southern row crop production. Since that time, he has expanded his knowledge to cover a broad range of topics relevant to agriculture, including agronomy, machinery, technology, business, marketing, politics and weather. He has won several writing awards from the American Agricultural Editors Association, most recently on two features about drones and farmers who operate distilleries as a side business. Ben is a graduate of the University of Missouri School of Journalism.

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