June 23, 2023
The latest export report from USDA came out a day later than normal due to Monday’s federal Juneteenth holiday. However, the report largely wasn’t worth the wait after corn and wheat posted disappointing results for the week ending June 15. Soybean volume was solid, in contrast. Grain prices continued to erode lower immediately following today’s report.
Corn exports found 3.3 million bushels in combined old and new crop sales. Old crop sales were 74% below the prior four-week average. Totals sales were also on the very low end of analyst estimates, which ranged between zero and 31.5 million bushels. Cumulative sales for the 2022/23 marketing year remain substantially below last year’s pace, with 1.325 billion bushels.
Corn export shipments were a bit better, reaching 26.3 million bushels. That was still 50% below the prior four-week average, however. Mexico, China, Japan, Panama and the Dominican Republic were the top five destinations.
Sorghum export sales were down 26% versus the prior four-week average, with 2.3 million bushels. That grain is bound for China and Mexico. Cumulative totals for the 2022/23 marketing year are trending at less than a third of last year’s pace so far, with 57.4 million bushels.
Soybean exports gathered combined old and new crop sales totaling 23.0 million bushels. That was also slightly on the higher end of trade estimates, which ranged between 3.7 million and 33.1 million bushels. Cumulative totals for the 2022/23 marketing year are trending around 100 million bushels below last year’s pace so far, with 1.797 billion bushels.
Soybean export shipments boosted 71% above the prior four-week average, with 14.2 million bushels. Taiwan, Egypt, China, Nepal and Indonesia were the top five destinations.
Wheat export sales only found combined old and new crop sales totaling 4.6 million bushels. That was on the very low end of trade estimates, which ranged between 3.7 million and 14.7 million bushels. Cumulative totals for the young 2023/24 marketing year are off to a relatively slow start compared to last year’s pace so far, with 21.9 million bushels.
Wheat export shipments came in at 5.7 million bushels last week. Ecuador, South Korea, Panama, Mexico and Taiwan were the top five destinations.
Click here to read more highlights from the latest UDSA export sales report.
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