USDA’s latest set of export sales data, out Thursday morning and covering the week through April 11, didn’t have any shocking information for traders to absorb. Soybean sales outpaced corn sales for the first time in a while, which was one notable data point. Meantime, corn and soybean volume were slightly on the lower end of analyst estimates, while wheat totals eroded to the very low end of trade guesses.

Corn exports saw 22.3 million bushels in combined old and new crop sales last week. Old crop sales jumped 54% higher week-over-week but were still 45% below the prior four-week average. Total sales were slightly on the lower end of analyst estimates, which ranged between 11.8 million and 39.4 million bushels. Cumulative sales for the 2023/24 marketing year are still moderately above last year’s pace after reaching 1.186 billion bushels.

Corn export shipments inched 4% above the prior four-week average, with 60.9 million bushels. Mexico, Colombia, Japan, South Korea and China were the top five destinations.

Sorghum export sales saw slight net reductions after increases for Mexico were more than offset by reductions from China. That had sales down noticeably below the prior four-week average. Cumulative sales for the 2023/24 marketing year are still trending well above last year’s pace so far, with 162.5 million bushels.

Soybean exports found 27.5 million bushels in combined old and new crop sales last week. Old crop sales trended 62% above the prior four-week average. Total sales were slightly on the lower end of analyst estimates, which ranged between 20.2 million and 40.4 million bushels. Cumulative sales for the 2023/24 marketing year remain moderately below last year’s pace, with 1.385 billion bushels.

Soybean export shipments faded 25% below the prior four-week average, with 17.7 million bushels. China, Indonesia, Germany, Egypt and Mexico were the top five destinations.

Wheat exports totaled 4.7 million bushels last week after net reductions to old crop sales partially offset a flurry of new crop sales. Total sales were on the very low end of analyst estimates, which ranged between 1.8 million and 22.0 million bushels. Cumulative sales for the 2023/24 marketing year are slightly lower than last year’s pace so far, with 575.1 million bushels.
Wheat export shipments were very close to the prior four-week average, with 17.9 million bushels. The Philippines, China, Mexico, South Korea and Taiwan were the top five destinations.

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