USDA’s latest set of grain export sales data, out Thursday morning and covering the week through August 15, held mostly bullish data for traders to digest. Even though old crop corn and soybean sales faded to marketing-year lows, total sales were strong, with corn volume exceeding the entire range of trade guesses. Wheat volume was also relatively strong, trending on the higher end of analyst estimates.

Old crop corn export sales slid to a marketing-year low, but ample new crop sales helped total exports reach 55.5 million bushels last week. That was better than the entire set of analyst estimates, which ranged between 23.6 million and 52.2 million bushels. Cumulative sales for the 2023/24 marketing year are still substantially above last year’s pace after reaching 2.043 billion bushels.

Corn export shipments inched 1% above the prior four-week average, with 45.5 million bushels. Mexico, Japan, Colombia, Portugal and Honduras were the top five destinations.

Old crop sorghum exports climbed 88% higher week-over-week but still only came in around 270,000 bushels. New crop sales kicked in another 2.6 million bushels. China was the lone destination for both sales. Cumulative totals for the 2023/24 marketing year remain noticeably above last year’s pace, with 221.5 million bushels.

Old crop soybean sales slumped to a marketing-year low, but new crop sales lifted the total to 60.0 million bushels. That was on the very high end of analyst estimates, which ranged between 33.1 million and 64.3 million bushels. Cumulative totals for the 2023/24 marketing year are still moderately below last year’s pace, with 1.598 billion bushels.

Soybean export shipments improved 6% above the prior four-week average, with 15.5 million bushels. The Netherlands, Mexico, Egypt, China and Japan were the top five destinations.

Wheat export sales climbed 63% above the prior four-week average, with 18.1 million bushels. That was also on the very high end of analyst estimates, which ranged between 9.2 million and 18.4 million bushels. Cumulative sales for the 2024/25 marketing year are trending moderately above last year’s pace so far, with 161.2 million bushels.

Wheat export shipments were 6% lower week-over-week but still 9% above the prior four-week average, with 17.3 million bushels. Indonesia, Mexico, Japan, the Philippines and Chile were the top five destinations.

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