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Export Report: Corn charges ahead

Soybean and wheat volume turn in relatively weak results, in contrast.

Ben Potter, Senior editor

June 6, 2024

2 Min Read
Corn getting loaded onto ship
Getty Images/sandsun

USDA’s newest set of grain export sales data, out Thursday morning and covering the week through May 30, held mixed but mostly pedestrian data for traders to digest. Corn was the positive outlier after old crop sales pushed 46% higher from the prior week’s tally. Soybeans landed on the low end of analyst estimates, meantime, while new crop wheat sales helped mask a round of old crop sales reductions.

Combined old and new crop corn sales reached 51.0 million bushels last week. Old crop sales jumped 41% above the prior four-week average. Total sales were on the higher end of analyst estimates, which ranged between 23.6 million and 59.1 million bushels. Cumulative sales for the 2023/24 marketing year are still tracking moderately above last year’s pace, with 1.550 billion bushels.

Corn export shipments were 27% better than the prior four-week average, with 58.6 million bushels. Mexico, Japan, Saudi Arabia, China and Colombia were the top five destinations.

Sorghum exports found 2.2 million bushels in combined old and new crop sales last week. Old crop sales faded 9% lower from the prior week’s volume but were 61% better than the prior four-week average. The grain is for delivery to unknown destinations and Japan. Cumulative sales for the 2023/24 marketing year have more than tripled last year’s pace so far, with 191.7 million bushels.

Soybean exports reached 9.7 million bushels in combined old and new crop sales last week. Old crop sales eroded 42% below the prior four-week average. Total sales were on the very low end of analyst estimates, which ranged between 6.4 million and 31.2 million bushels. Cumulative sales for the 2023/24 marketing year remain moderately lower than last year’s pace after reaching 1.469 billion bushels.

Soybean export shipments were 28% above the prior four-week’s average, with 14.3 million bushels. China, Mexico, Turkey, the Netherlands and Egypt were the top five destinations.

Wheat exports reached 9.7 million bushels after solid new crop sales helped compensate for a reduction in old crop sales. Total sales were near the middle of analyst estimates, which ranged between 3.7 million and 23.9 million bushels. Cumulative sales for the 2023/24 marketing year are now at 680.6 million bushels.

Wheat export shipments reached 16.5 million bushels last week. Mexico, the Philippines, South Korea, Japan and Taiwan were the top five destinations. Click here for more highlights from the latest UDSA export sales report.

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Exports

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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