USDA’s latest export sales report, out Friday afternoon and covering the week through November 7, held mixed but somewhat bearish data for traders to digest. Corn and soybean volumes saw moderate week-over-week declines. Wheat posted rangebound results and inched slightly above the prior week’s total.

Corn export sales eroded 53% lower week-over-week to 51.8 million bushels. That was also on the very low end of analyst estimates, which ranged between 49.2 million and 106.3 million bushels. Cumulative sales are still trending moderately ahead of last year’s pace so far, with 329.5 million bushels.

Corn export shipments faded 24% lower week-over-week and shifted 13% below the prior four-week average, with 27.5 million bushels. Mexico, Colombia, Spain, Jamaica and Panama were the top five destinations.

Sorghum export sales reached a marketing-year high of 5.6 million bushels last week. That grain is bound for China and unknown destinations. Cumulative sales for the 2024/25 marketing year are still tracking moderately below last year’s pace, with 17.6 million bushels.

Soybean export sales fell 24% below the prior four-week average, with 57.2 million bushels. That was also toward the lower end of analyst estimates, which ranged between 36.7 million and 84.5 million bushels. Cumulative sales for the 2024/25 marketing year remain moderately above last year’s pace so far, with 554.1 million bushels.

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Soybean export shipments eased 3% lower week-over-week but stayed 2% above the prior four-week average, with 86.0 million bushels. China, Egypt, Mexico, Vietnam and the Netherlands were the top five destinations.

Wheat export sales slid 17% below the prior four-week average, with 14.0 million bushels. That was also slightly on the lower end of trade estimates, which ranged between 9.2 million and 22.0 million bushels. Cumulative totals for the 2024/25 marketing year are still moderately ahead of last year’s pace, reaching 361.5 million bushels.

Wheat export inspections shifted 27% above the prior week’s volume to 11.1 million bushels. South Korea, the Philippines, Mexico, Taiwan and Japan were the top five destinations.

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