USDA’s latest set of grain export sales data, out Thursday morning and covering the week through November 9, held mixed but mostly bullish data for traders to digest. Soybean volume jumped to a new marketing-year high, thanks to a recent flurry of flash sales to China. Corn volume was also strong, rising above the entire range of trade guesses offered prior to today’s report. Wheat volume underperformed, in contrast, eroding 57% below the prior four-week average.

Corn export sales climbed 78% higher week-over-week to 71.2 million bushels. That was better than the entire range of analyst estimates, which ranged between 35.4 million and 66.9 million bushels. Cumulative totals for the 2023/24 marketing year are trending moderately above last year’s pace so far, with 255.8 million bushels.

Corn export shipments were 17% better than the prior four-week average after reaching 26.9 million bushels. Mexico, Colombia, Honduras, Canada and Japan were the top five destinations.

Sorghum export sales faded 60% below the prior four-week average, with 3.0 million bushels. Increases to China were partially offset by reductions to unknown destinations. Cumulative totals for the 2023/24 marketing year remain much better than last year’s pace so far after reaching 20.1 million bushels.

Soybean export sales were robust, carving out a new marketing-year high of 144.0 million bushels. That was also toward the higher end of analyst estimates, which ranged between 106.6 million and 169.0 million bushels. Cumulative sales for the 2023/24 marketing year are still slightly below last year’s pace so far, with 513.8 million bushels.

Soybean export shipments eased 7% below the prior four-week average, with 73.2 million bushels. China, the Netherlands, Bangladesh, Mexico and Vietnam were the top five destinations.

Wheat export sales were lackluster last week after only reaching 6.5 million bushels. That was below the entire set of trade guesses, which ranged between 9.2 million and 20.6 million bushels. Cumulative sales for the 2023/24 marketing year are still moderately below last year’s pace so far, with 266.9 million bushels.

Wheat export shipments were more robust, climbing 65% above the prior four-week average to 11.4 million bushels. The Philippines, Mexico, South Korea, Algeria and Brazil were the top five destinations.

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