USDA’s latest export sales report, out Thursday morning and covering the week through October 31, held mixed but mostly bullish results for traders to digest. Of particular note, corn sales overperformed, climbing 18% higher week-over-week. Soybean volume was also strong, while wheat volume found rangebound results.

Corn exports found 111.5 million bushels in combined old and new crop sales last week. Old crop sales were 18% better than the prior four-week average. Total sales shifted above the entire set of analyst estimates, which ranged between 66.9 million and 100.4 million bushels. Cumulative sales for the 2024/25 marketing year are still trending moderately ahead of last year’s pace, with 302.0 million bushels.

Corn export shipments improved 17% week-over-week and were 10% above the prior four-week average, with 36.1 million bushels. Mexico, Japan, Colombia, Guatemala and Portugal were the top five destinations.

Sorghum export sales were 24% higher week-over-week but 70% below the prior four-week average, with 275,000 bushels. China was the lone destination. Cumulative sales for the 2024/25 marketing year are a bit below last year’s pace so far after reaching 14.9 million bushels.

Soybean exports improved 10% versus the prior four-week average after reaching 74.9 million bushels. That was on the higher end of analyst estimates, which ranged between 44.1 million and 84.5 million bushels. Cumulative sales for the 2024/25 marketing year are still tracking slightly above last year’s pace so far, with 468.1 million bushels.

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Soybean export shipments eased 1% lower week-over-week but stayed 15% above the prior four-week average, with 89.1 million bushels. China, Mexico, Spain, Turkey and Japan were the top five destinations.

Wheat export sales were fairly pedestrian after reaching 13.8 million bushels last week. That was toward the lower end of analyst estimates, which ranged between 9.2 million and 22.0 million bushels. Cumulative sales for the 2024/25 marketing year are still moderately ahead of last year’s pace, with 350.4 million bushels.

Wheat export shipments eroded to a marketing-year low of 8.7 million bushels, which was 26% worse than the prior four-week average. Mexico, the Philippines, South Korea, Peru and Costa Rica were the top five destinations.

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