USDA’s latest export sales report, out Friday morning and covering the week through December 28, showed extremely anemic results for analysts to digest. In fact, corn, soybean and wheat volumes all failed to match even the lowest trade guesses. In particular, old crop corn and soybean tallies eroded to marketing-year lows.

Corn exports only found 5.4 million bushels in combined old and new crop sales last week. Old crop sales stumbled 70% lower week-over-week and landed at a new marketing-year low. Analysts missed the mark after offering trade guesses that ranged between 19.7 million and 49.2 million bushels. Cumulative totals for the 2023/24 marketing year are still moderately above last year’s pace so far, with 487.8 million bushels.

Corn export shipments were 33% below the prior four-week average, with 26.8 million bushels. Mexico, Japan, Colombia, Canada and Honduras were the top five destinations.

Sorghum export sales were up 59% from the prior week but 83% below the prior four-week average, with just under 750,000 bushels. That was due to increases to China partially offset by reductions from unknown destinations and Japan. Cumulative totals for the 2023/24 marketing year are still substantially above last year’s pace, with 75.9 million bushels.

Soybean exports only found 7.4 million bushels in combined old and new crop sales last week. Old crop sales spilled to a marketing-year low and were 85% below the prior four-week average. Total sales were also noticeably below the entire range of trade guesses, which came in between 18.4 million and 51.4 million bushels. Cumulative totals for the 2023/24 marketing year are trending moderately below last year’s pace so far, with 842.0 million bushels.

Soybean export shipments were 19% below the prior four-week average, with 36.8 million bushels. China, Spain, the Netherlands, Bangladesh and Mexico were the top five destinations.

Wheat exports pulled in 5.0 million bushels in combined old and new crop sales last week. Old crop sales were 79% below the prior four-week average. Total sales were below the entire set of analyst estimates, which ranged between 5.5 million and 18.4 million bushels. Cumulative sales for the 2023/24 marketing year are still moderately below last year’s pace so far, with 343.8 million bushels.

Wheat export shipments eased 2% below the prior four-week average, with 10.5 million bushels. The Philippines, China, Mexico, South Korea and Spain were the top five destinations.

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