USDA’s newest export report, out Thursday morning and covering the week through March 28, held mixed but mostly lackluster data for traders to digest. Corn volume led the way once again, although old crop sales faded 21% lower week-over-week. Even so, corn export shipments climbed to a new marketing-year high. Soybean sales failed to match trade estimates, meantime, while wheat volume was fairly pedestrian.

Corn exports found 37.8 million bushels in combined old and new crop sales last week, sliding moderately below the prior four-week average. Total sales were also toward the lower end of analyst estimates, which ranged between 31.5 million and 63.0 million bushels. Cumulative sales for the 2023/24 marketing year remain moderately higher than last year’s pace so far, with 1.064 billion bushels.

Corn export shipments carved out a new marketing-year high after reaching 64.6 million bushels. That was 27% better than the prior four-week average. Mexico, Japan, Canada, Colombia and Honduras were the top five destinations.

Sorghum sales only reached 449,000 bushels last week, which was 74% worse than the prior four-week average. The entirety of that grain is bound for China. Cumulative sales for the 2023/24 marketing year are still substantially better than last year’s pace after reaching 153.8 million bushels.

Soybean sales eroded 54% below the prior four-week average to 7.1 million bushels. That was also below the entire set of trade guesses, which ranged between 7.3 million and 29.4 million bushels. Cumulative totals for the 2023/24 marketing year are still trending moderately below last year’s pace so far, with 1.351 billion bushels.

Soybean export shipments were also relatively disappointing after slumping 54% below the prior four-week average to 20.2 million bushels. China, Mexico, the Netherlands, Indonesia and South Korea were the top five destinations.

Wheat exports found combined old and new crop sales of 10.2 million bushels last week. Old crop sales were quite lackluster after tumbling 89% below the prior four-week average. Total sales were toward the lower end of analyst estimates, which ranged between net reductions of 918,000 bushels and net sales of 23.9 million bushels. Cumulative sales for the 2023/24 marketing year are slightly lower than last year’s pace after reaching 534.2 million bushels.

Wheat export shipments improved 27% week-over-week to 19.0 million bushels. China, Thailand, the Philippines, Mexico and Algeria were the top five destinations.

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