USDA’s latest grain export sales report, out Thursday morning and covering the week through March 21, held mixed but mostly bullish data for traders to digest. Corn volume led the way once again, trending slightly higher week-over-week and staying on the very high end of analyst estimates. Wheat was also strong after besting the entire range of trade guesses. Soybeans failed to follow suit, tracking 47% lower week-over-week and staying toward the lower end of analyst estimates.

Corn exports found 52.5 million bushels in combined old and new crop sales last week. Old crop sales were 4% better than the prior four-week average. Total sales were on the high end of analyst estimates, which ranged between 31.5 million and 57.1 million bushels. Cumulative sales for the 2023/24 marketing year are still moderately ahead of last year’s pace so far, with 999.1 million bushels.

Corn export shipments eased 4% below the prior four-week average, with 48.6 million bushels. Mexico, Japan, South Korea, Colombia and Guatemala were the top five destinations.

Sorghum export shipments shifted noticeably higher week-over-week after reaching 3.1 million bushels. China was the lone destination. Cumulative totals are still trending substantially higher than last year’s pace so far, with 148.1 million bushels.

Soybean exports only saw 14.1 million bushels in combined old and new crop sales last week. Old crop sales faded 26% below the prior four-week average. Total sales were on the lower end of analyst estimates, which ranged between 11.0 million and 27.6 million bushels. Cumulative sales for the 2023/24 marketing year are still moderately lower than last year’s pace, with 1.331 billion bushels.

Soybean export shipments inched 2% higher week-over-week but were still 22% below the prior four-week average, with 28.9 million bushels. China, Mexico, Japan, Germany and Indonesia were the top five destinations.

Wheat exports gathered 20.3 million bushels in combined old and new crop sales last week. That bested the entire range of analyst estimates, which ranged between net reductions of 1.8 million bushels and net sales of 20.2 million bushels. Cumulative sales for the 2023/24 marketing year are still modestly lower than last year’s pace so far, with 515.1 million bushels.

Wheat export shipments slid 7% below the prior four-week average, with 15.0 million bushels. China, Mexico, Bangladesh, the Dominican Republic and South Korea were the top five destinations.

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