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Corn volume also strong last week, with wheat turning in relatively weak results.

Ben Potter, Senior editor

March 7, 2024

2 Min Read
Filling ship with grain for export
Getty Images/Elena Larina

USDA’s latest set of grain export sales data, out Thursday morning and covering the week through February 29, held mixed but mostly positive data for traders to digest. Corn again led the way in total volume but was near the middle of analyst estimates. Soybeans jumped above the entire set of trade guesses, meantime, while wheat posted mostly lackluster results.

Corn exports reached 43.7 million bushels last week, which was 3% higher than the prior week’s results and very close to the prior four-week average. It was also a bit toward the lower end of analyst estimates, which ranged between 31.5 million and 59.1 million bushels. Cumulative sales for the 2023/24 marketing year are still moderately higher than last year’s pace so far after reaching 840.8 million bushels.

Corn export shipments improved 18% versus the prior four-week average, with 45.6 million bushels. Mexico, Japan, Colombia, Honduras and Panama were the top five destinations.

Sorghum export sales tilted 38% below the prior four-week average, with 3.1 million bushels. That was due to increases to China being partially offset by reductions to unknown destinations. Cumulative totals for the 2023/24 marketing year are still substantially above last year’s pace so far, with 137.6 million bushels.

Soybean export sales reached 25.0 million bushels last week, which was noticeably higher than the prior four-week average. It also bested the entire set of trade guesses, which ranged between 6.4 million and 23.9 million bushels. Cumulative sales for the 2023/24 marketing year are still tracking moderately below last year’s pace so far, with 1.246 billion bushels.

Soybean export shipments were even more robust after reaching 52.1 million bushels last week. That was 9% better than the prior four-week average. China, Germany, Mexico, Spain and Japan were the top five destinations.

Wheat export sales only reached 12.3 million bushels last week, sliding 16% below the prior four-week average. Analysts were generally expecting to see a larger volume after offering trade guesses that ranged between 9.2 million and 23.0 million bushels. Cumulative totals for the 2023/24 marketing year are still moderately lower than last year’s pace, with 469.5 million bushels.

Wheat export shipments eased 10% below the prior four-week average, with 13.5 million bushels. Mexico, China, South Korea, the Dominican Republic and Japan were the top five destinations.

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

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Exports

About the Author(s)

Ben Potter

Senior editor, Farm Futures

Senior Editor Ben Potter brings two decades of professional agricultural communications and journalism experience to Farm Futures. He began working in the industry in the highly specific world of southern row crop production. Since that time, he has expanded his knowledge to cover a broad range of topics relevant to agriculture, including agronomy, machinery, technology, business, marketing, politics and weather. He has won several writing awards from the American Agricultural Editors Association, most recently on two features about drones and farmers who operate distilleries as a side business. Ben is a graduate of the University of Missouri School of Journalism.

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