October 26, 2023
The newest set of USDA export sales data, out Thursday morning and covering the week through October 19, held mixed but mostly bullish data for traders to digest. Soybeans showed the most upside after notching new marketing-year highs for both export sales and export inspections. Corn sales also shined after outperforming the entire range of trade guesses. Wheat failed to follow suit, however, posting mostly lackluster results.
Corn exports found 53.8 million bushels in combined old and new crop sales in the week through October 19. Old crop sales improved 22% above the prior four-week average. Total sales were above the entire range of analyst estimates, which came in between 23.6 million and 53.1 million bushels. Cumulative totals for the 2023/24 marketing year are moderately ahead of last year’s pace so far, with 176.5 million bushels.
Corn export shipments fell to a marketing-year low of 19.0 million bushels. Mexico, Colombia, Japan, Jamaica and Taiwan were the top five destinations.
Sorghum exports were up noticeably versus the prior four-week average, with 7.5 million bushels. That grain is bound for unknown destinations and China. Cumulative sales for the 2023/24 marketing year are off to a much better from last year’s pace so far, with 14.7 million bushels.
Soybean export sales jumped to a marketing-year high of 50.6 million bushels last week, which was 43% above the prior four-week average. It was also on the very high end of analyst estimates, which ranged between 27.6 million and 57.0 million bushels. Cumulative totals for the 2023/24 marketing year are modestly higher than last year’s pace so far, with 289.2 million bushels.
Soybean export shipments also climbed to a marketing-year high last week, with 87.6 million bushels. China, Mexico, Bangladesh, Taiwan and the Netherlands were the top five destinations.
Wheat exports saw 14.0 million bushels in combined old and new crop sales last week. Old crop sales faded 31% below the prior four-week average, and total sales were on the lower end of analyst estimates, which ranged between 1.0 million and 27.6 million bushels. Cumulative sales for the 2023/24 marketing year remain moderately below last year’s pace so far, with 246.9 million bushels.
Wheat export shipments spilled to a marketing-year low of 4.8 million bushels. Taiwan, Mexico, the Dominican Republic, Honduras and Vietnam were the top five destinations.
Click here to read more highlights from the latest UDSA export sales report.
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