USDA’s latest export sales report, out Thursday morning and covering the week through August 8, held a decidedly mixed bag for traders to digest. On the bullish end of the ledger were a boost of new crop soybean sales, which lifted total sales above the entire range of analyst estimates. Wheat sales were rangebound, meantime, and old crop corn sales slumped to a marketing-year low.

Corn exports found 36.3 million bushels in combined old and new crop sales last week. Old crop sales eroded to a marketing-year low, but total sales were near the middle of analyst estimates, which ranged between 17.7 million and 53.1 million bushels. Cumulative sales for the 2023/24 marketing year are still noticeably above last year’s pace after reaching 1.998 billion bushels.

Corn export shipments slid 11% below the prior four-week average, with 40.7 million bushels. Mexico, Colombia, Japan, Honduras and Costa Rica were the top five destinations.

Sorghum export sales stumbled 95% below the prior four-week average after only reaching 145,000 bushels. China was the lone destination. Cumulative sales for the 2023/24 marketing year are still nearly tripling last year’s pace after reaching 219.4 million bushels.

Soybean exports notched 57.5 million bushels in total sales last week. Old crop sales eased 1% below the prior four-week average, while combined sales last week were better than the entire range of trade guesses, which came in between 18.4 million and 55.1 million bushels. Cumulative sales for the 2023/24 marketing year remain moderately lower than last year’s pace so far, with 1.582 billion bushels.

Soybean export shipments were 26% below the prior four-week average, with 15.8 million bushels. The Netherlands, Mexico, Germany, China and Costa Rica were the top five destinations.

Wheat exports reached 12.2 million bushels, which was 24% higher week-over-week but 6% below the prior four-week average. That was also near the middle of analyst estimates, which ranged between 7.3 million and 18.4 million bushels. Cumulative totals for the 2023/24 marketing year are trending moderately above last year’s pace so far after reaching 143.9 million bushels.

Wheat export shipments reached 18.4 million bushels last week, which was 8% better than the prior four-week average. Brazil, China, Thailand, Mexico and Italy were the top five destinations.

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