October 13, 2023
USDA’s latest set of grain export data, out Thursday morning and covering the week through October 5, held mixed but mostly bullish data for traders to digest. Wheat turned in the most positive performance after climbing above the entire range of analyst estimates. Corn and soybeans were also relatively strong, staying toward the upper end of trade guesses.
Corn exports reached 39.3 million bushels in combined old and new crop sales last week. That was toward the higher end of analyst estimates, which ranged between 23.6 million and 43.3 million bushels, although old crop sales were still 9% below the prior four-week average. Cumulative totals for the 2023/24 marketing year are off to a better start versus last year’s pace so far, with 137.1 million bushels.
Corn export shipments were 22% better than the prior four-week average, with 32.0 million bushels. Mexico, China, Colombia, Japan and Saudi Arabia were the top five destinations.
Sorghum export sales tumbled 99% lower week-over-week, with just 78,500 bushels. Increases to China were mostly offset by reductions to unknown destinations. Cumulative totals for the 2023/24 marketing year are nonetheless off to a better start versus year-ago totals, with 11.8 million bushels.
Soybean export sales made it to 30.8 million bushels last week. That was toward the higher end of analyst estimates, which ranged between 23.9 million and 42.3 million bushels. Cumulative totals for the 2023/24 marketing year are moderately higher than last year’s pace so far, with 128.5 million bushels.
Soybean export shipments jumped noticeably above the prior four-week average after reaching 52.8 million bushels. China, Germany, Mexico, the Netherlands and the United Kingdom were the top five destinations.
Wheat export sales reached a fresh marketing-year high of 24.0 million bushels last week. That was better than the entire range of trade estimates, which came in between 11.0 million and 21.1 million bushels. Cumulative totals for the 2023/24 marketing year remain moderately below last year’s pace, with 227.9 million bushels.
Wheat export shipments slid 18% below the prior four-week average, with 12.6 million bushels. Mexico, South Korea, Yemen, Japan and Guatemala were the top five destinations.
Click here to read more highlights from the latest UDSA export sales report.
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