USDA’s latest export sales report, out Thursday morning and covering the week through May 16, didn’t hold a lot of bullish data for traders to digest. Corn volume led the way once again, with old-crop sales trending 23% higher week-over-week. Soybean and wheat sales were toward the lower end of analyst estimates, meantime.

Corn exports found 47.9 million bushels in combined old and new crop sales last week. Old crop sales were toward the middle of analyst estimates, which ranged between 29.5 million and 65.0 million bushels. Cumulative sales for the 2023/24 marketing year are still tracking moderately above last year’s pace, with 1.451 billion bushels.

Corn export shipments jumped 52% higher week-over-week to 57.0 million bushels. Mexico, China, Japan, Colombia and Saudi Arabia were the top five destinations.

Sorghum export sales eroded 85% below the prior four-week average to 161,000 bushels. China was the lone destination. Cumulative sales for the 2023/24 marketing year are still substantially above last year’s pace so far, with 187.2 million bushels.

Soybean exports reached 12.7 million bushels in combined old and new crop sales last week. Old crop sales improved 5% from the prior week but were still down 15% from the prior four-week average. Total sales were on the very low end of trade estimates, which ranged between 10.1 million and 27.6 million bushels. Cumulative sales for the 2023/24 marketing year remain moderately below last year’s pace, with 1.447 billion bushels.

Soybean export shipments faded to a marketing-year low of 9.5 million bushels. Mexico, Japan, Indonesia, South Korea and Vietnam were the top five destinations.

Wheat exports were disappointing after only reaching 8.9 million bushels in combined old and new crop sales. Old crop sales spilled 61% below the prior four-week average. Total sales were toward the lower end of analyst estimates, which ranged between 3.7 million and 27.6 million bushels. Cumulative sales for the 2023/24 marketing year are still slightly above last year’s pace so far after reaching 651.0 million bushels.

Wheat export shipments stumbled 58% below the prior four-week average after reaching 7.2 million bushels. The Philippines, Thailand, Mexico, Japan and Haiti were the top five destinations.

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