USDA’s latest set of grain export sales data, out Thursday morning and covering the week through, showed some bullish and bearish trends unfolding. Corn sales showed the most upside, with sales staying 10% above the prior four-week average and shipments reaching a new marketing-year high. Soybean sales were mostly pedestrian, meantime, while old-crop wheat sales spilled to a marketing-year low.

Corn exports eased 8% lower week-over-week but remained 10% above the prior four-week average, with 46.7 million bushels. That was near the middle of analyst estimates, which ranged between 31.5 million and 58.1 million bushels. Cumulative totals for the 2023/24 marketing year are still trending moderately above last year’s pace so far after reaching 950.5 million bushels.

Corn export shipments climbed to a new marketing-year high of 60.2 million bushels, which was 31% better than the prior four-week average. Mexico, Japan, Taiwan, South Korea and Colombia were the top five destinations.

Sorghum export sales eroded 91% below the prior four-week average, with around 385,000 bushels. Increases to Japan were partially offset by reductions from China. Cumulative sales for the 2023/24 marketing year are still noticeably above last year’s pace so far after reaching 147.6 million bushels.

Soybean exports found 18.2 million bushels in combined old and new crop sales last week. Old crop sales jumped 86% above the prior four-week average. Total sales were rangebound, with analyst estimates coming in between 9.2 million and 33.1 million bushels. Cumulative sales for the 2023/24 marketing year are still trending moderately below last year’s pace after reaching 1.304 billion bushels.

Soybean export shipments slumped 32% below the prior four-week average, with 28.4 million bushels. China, Mexico, Indonesia, Japan and Vietnam were the top five destinations.

Wheat exports faced net old-crop sales reductions, but new-crop sales led to net sales of 6.5 million bushels last week. That was still toward the lower end of analyst estimates, which ranged between net reductions of 7.3 million bushels and net sales of 23.5 million bushels. Cumulative sales for the 2023/24 marketing year are still modestly below last year’s pace so far, with 500.1 million bushels.

Wheat export shipments eased 9% below the prior four-week average, with 14.5 million bushels. Mexico, South Korea, China, Algeria and Japan were the top five destinations.

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