The latest export sales report from USDA, out Thursday morning and covering the week through March 9, held largely bullish data for traders to digest. Corn volume led the way, trending 28% above the prior four-week average and climbing to the higher end of analyst estimates. Wheat volume was also solid, staying moderately above the prior four-week average. Soybean sales were rangebound but still “up noticeably from the previous week and from the prior four-week average,” according to USDA.

Corn exports found total old and new crop sales of 55.9 million bushels. That was down 13% week-over-week but still moderately above the prior four-week average. It was also toward the higher end of trade estimates, which ranged between 27.6 million and 66.9 million bushels. Cumulative totals for the 2022/23 marketing year are still significantly below last year’s pace, with 679.0 million bushels.

Corn export shipments notched a new marketing-year high and moved 52% above the prior four-week average, with 45.9 million bushels. Japan, Mexico, Colombia, China and Morocco were the top five destinations.

Sorghum export sales climbed to a marketing-year high of 11.5 million bushels after improving 89% from the prior week’s tally. That grain is bound for China and unknown destinations. Cumulative totals for the 2022/23 marketing year are still noticeably below last year’s pace, reaching 23.4 million bushels.

Soybean exports reached 26.9 million bushels in combined old and new crop sales last week, which was a significant improvement versus the prior four-week average. It was also 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 tracking slightly above last year’s pace, with 1.574 billion bushels.

Soybean export shipments were 33% higher week-over-week but still 37% below the prior four-week average, with 28.4 million bushels. China, Mexico, Germany, the Netherlands and Japan were the top five destinations.

Wheat exports found 18.1 million bushels in combined old and new crop sales last week. Old crop sales improved 23% above the prior four-week average. Total sales were also near the high end of analyst estimates, which ranged between 2.8 million and 23.9 million bushels. Cumulative totals for the 2022/23 marketing year are still slightly below last year’s pace so far, with 534.2 million bushels.

Wheat export shipments shifted 45% below the prior four-week average, with 9.2 million bushels. Mexico, the Philippines, Honduras, Japan and Malaysia were the top five destinations.

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