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Export Report: Wheat outpaces analyst expectations

Corn and soybean volume also relatively strong last week

Ben Potter

January 19, 2024

2 Min Read
Ship loaded with grain
Getty Images/Miragest

USDA’s newest set of grain export sales data, out Friday morning and covering the week through January 11, held mostly bullish data for traders to digest. Corn and wheat volumes, in particular, made noticeable week-over-week improvements. Soybeans also jumped ahead of the prior week’s tally but remained 6% below the prior four-week average.

Corn exports reached 50.0 million bushels in combined old and new crop sales last week. Old crop sales were 61% better than the prior four-week average. Total sales were on the very high end of analyst estimates, which ranged between 19.7 million and 51.2 million bushels. Cumulative totals for the 2023/24 marketing year remain moderately ahead of last year’s pace so far, with 568.0 million bushels.

Corn export shipments inched 3% above the prior four-week average to 39.4 million bushels. Mexico, Japan, Colombia, South Korea and Honduras were the top five destinations.

Sorghum export sales jumped 52% higher week-over-week to 7.9 million bushels. That grain is largely bound to China, with Eritrea picking up the modest remainder. Cumulative sales for the 2023/24 marketing year are substantially above last year’s anemic pace, climbing to 99.4 million bushels.

Soybean exports found 28.8 million bushels in combined old and new crop sales last week. Old crop sales were noticeably higher from a week ago but still 6% below the prior four-week average. Total sales were toward the higher end of analyst estimates, which ranged between 14.7 million and 34.9 million bushels. Cumulative sales for the 2023/24 marketing year are moderately trailing last year’s pace so far after reaching 927.0 million bushels.

Soybean export shipments jumped 56% above the prior four-week average to 61.4 million bushels. China, Germany, Mexico, Spain and Indonesia were the top five destinations.

Wheat export sales exceeded expectations after climbing to 26.0 million bushels, which was noticeably above the prior four-week average. It was also above the entire set of trade guesses, which ranged between 5.5 million and 20.2 million bushels. Cumulative totals for the 2023/24 marketing year are still slightly below last year’s pace, with 374.3 million bushels.

Wheat export shipments slumped 37% below the prior four-week average, in contrast, with 9.0 million bushels. Japan, Mexico, Thailand, Taiwan and Haiti were the top five destinations.

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

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Exports

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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