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Export Report: Soybeans solid, corn and wheat struggle

Soybean sales firm slightly, but corn slumps and wheat spills to marketing-year low.

Ben Potter, Senior editor

June 8, 2023

2 Min Read
Ship at grain port
Getty Images

USDA’s latest export sales report, out Thursday morning and covering the week through June 1, represented a “changing of the guard” of sorts as wheat has officially entered the 2023/24 marketing year. Total sales for that crop officially ended 2022/23 down 5%. Corn sales were lackluster last week, meantime, while soybean sales made it to the higher end of analyst estimates.

Corn found 6.8 million bushels in old crop sales, which were partly erased by new crop reductions of 4.2 million bushels, leaving last week’s total tally at just 2.6 million bushels. That was on the very low end of trade estimates, which ranged between zero and 39.4 million bushels. Cumulative totals for the 2022/23 marketing year are still running more than 600 million bushels below last year’s pace so far, with 1.251 billion bushels.

Corn export shipments were much more robust, easing 4% below the prior four-week average to 49.0 million bushels. China, Mexico, Japan, South Korea and Honduras were the top five destinations.

Sorghum exports firmed 43% above the prior four-week average to 2.6 million bushels after increases to unknown destinations were partially offset by reductions from China. Cumulative sales for the 2022/23 marketing year are still far below last year’s pace, with 55.3 million bushels.

Soybean exports found combined old and new crop sales of 17.3 million bushels last week. Old crop sales trended 68% higher week-over-week. Total sales were toward the higher end of trade estimates, which ranged between net reductions of 1.8 million bushels and net sales of 25.7 million bushels. Cumulative sales for the 2022/23 marketing year are slightly below last year’s pace, with 1.778 billion bushels.

Soybean export shipments were up 7% from a week ago but 7% below the prior four-week average, with 9.1 million bushels. Germany, Mexico, Japan, Egypt and South Korea were the top five destinations.

Wheat exports kicked off the 2023/24 marketing year with sales totaling 8.6 million bushels, plus another 32.2 million bushels that were carried over from the 2022/23 marketing year, which ended May 31. That leaves total 2022/23 exports at 652.5 million bushels, which was 5% below the prior year’s tally.

Wheat export shipments were at 7.0 million bushels. The Philippines, Mexico, Venezuela, Sri Lanka and Honduras were the top five destinations.

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

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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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