USDA’s latest export sales report, out Thursday morning and covering the week through November 14, held mixed but mostly bullish data for traders to digest. Soybeans led the way, trending 20% higher week-over-week and moving above the entire set of analyst estimates. Corn and wheat sales were also relatively strong, posting rangebound results.

Corn exports shifted 14% higher week-over-week to 58.8 million bushels. That was toward the lower end of analyst estimates, however, which ranged between 39.4 million and 90.5 million bushels. Cumulative sales for the 2024/25 marketing year remain moderately ahead of last year’s pace so far, with 367.2 million bushels.

Corn export shipments improved 13% above the prior four-week average, with 37.7 million bushels. Mexico, Colombia, Japan, Vietnam and Saudi Arabia were the top five destinations.

Sorghum export sales eased 14% lower week-over-week but were still noticeably above the prior four-week average, with 4.8 million bushels. China was the lone destination. Cumulative sales for the 2024/25 marketing year are tracking moderately below last year’s pace so far, with 20.1 million bushels.

Soybean export sales were 20% above the prior week’s tally but 7% below the prior four-week average, with 68.4 million bushels. That was above the entire set of trade guesses, which ranged between 36.7 million and 62.5 million bushels. Cumulative sales for the 2024/25 marketing year are still trending moderately above last year’s pace so far, with 639.1 million bushels.

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Soybean export shipments reached a marketing-year high of 89.9 million bushels. China, the Netherlands, Germany, Indonesia and Taiwan were the top five destinations.

Wheat export sales climbed 29% above the prior four-week average after reaching 20.2 million bushels. That was also toward the higher end of analyst estimates, which ranged between 10.1 million and 23.9 million bushels. Cumulative sales for the 2024/25 marketing year are still trending moderately above the prior year’s pace after reaching 366.4 million bushels.

In contrast, wheat export shipments sank to a marketing-year low of 4.9 million bushels, which was a 49% decline from the prior four-week average. South Korea, Venezuela, Mexico, Taiwan and Vietnam were the top five destinations.

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