The latest set of grain export sales data from USDA, out Thursday morning and covering the week through April 4 held mostly lackluster results for traders to digest. Corn results were the most disappointing after spilling well below the entire set of trade guesses. Soybean volume was also lackluster, while wheat managed to move toward the higher end of analyst estimates.

Corn exports only gathered 13.2 million bushels in combined old and new crop sales last week. Old crop sales eroded to a marketing-year low and were 72% below the prior four-week average. Total sales were also noticeably below analyst estimates, which ranged between 29.5 million and 55.1 million bushels. Cumulative sales for the 2023/24 marketing year are still moderately above last year’s pace so far, with 1.125 billion bushels.

Corn export shipments were much more robust after reaching 45.5 million bushels last week, which was 10% above the prior four-week average. Mexico, Japan, South Korea, Taiwan and China were the top five destinations.

Sorghum export sales faded 80% below the prior four-week average and only reached 205,000 bushels last week. Increases to China were mostly offset by reductions to unknown destinations. Cumulative totals for the 2023/24 marketing year still have a sizable lead over last year’s pace so far, with 159.5 million bushels.

Soybean exports eased 3% below the prior four-week average after reaching 11.2 million bushels. That was on the low end of analyst estimates, which ranged between 7.3 million and 25.7 million bushels. Cumulative totals for the 2023/24 marketing year are still trending moderately below last year’s pace so far after reaching 1.369 billion bushels.

Soybean export shipments fell 33% below the prior four-week average, with 18.5 million bushels. China, Egypt, Mexico, Japan and Indonesia were the top five destinations.

Wheat exports reached 13.0 million bushels in combined old and new crop sales last week. That was a bit towards the higher end of analyst estimates, which ranged between zero and 20.2 million bushels. Cumulative sales for the 2023/24 marketing year are modestly below last year’s pace so far, with 557.2 million bushels.

Wheat export shipments jumped to a marketing-year high, with 23.0 million bushels. That was also 41% better than the prior four-week average. The Philippines, Mexico, Taiwan, Japan and China were the top five destinations.

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