Export Sales: Corn, wheat exceed expectationsExport Sales: Corn, wheat exceed expectations

The latest batch of USDA export sales numbers, out Friday morning and covering the week through December 22, held mixed but mostly bullish data for traders to digest. Both corn and wheat exceeded the entire range of analyst expectations. Soybean totals were more lackluster, in contrast, but still posted rangebound results.

Corn export sales climbed to 37.5 million bushels last week. That was better than the entire range of analyst estimates, which ranged between 23.6 million and 33.5 million bushels. Cumulative totals for the 2022/23 marketing year are still 32% below last year’s pace so far, with 363.6 million bushels.

Corn export shipments were also robust, with 39.9 million bushels last week. Mexico was the No. 1 destination, with 17.4 million bushels. China, Japan, Colombia and Guatemala rounded out the top five.

Sorghum sales were disappointing last week after posting small sales reductions. Export shipments were better, with 1.7 million bushels bound for Eritrea and Japan. Cumulative totals for the 2022/23 marketing year are severely below last year’s pace so far, with just 8.6 million bushels.

Soybean export sales reached 25.9 million bushels last week. That was toward the lower end of trade estimates, which came in between 18.4 million and 34.9 million bushels. Cumulative sales for the 2022/23 marketing year are trending slightly below last year’s pace so far, with 981.3 million bushels since the start of September.

Soybean export shipments were solid, with 67.9 million bushels. China was by far the No. 1 destination, with 39.6 million bushels. The Netherlands, Japan, Mexico and Thailand filled out the top five.

Wheat exports saw a combined 18.8 million bushels in old and new crop sales last week. That was better than all trade estimates, which ranged between 7.3 million and 17.5 million bushels. Cumulative totals for the 2022/23 marketing year are still running a bit below last year’s pace so far, with 388.8 million bushels.

Wheat export shipments reached 12.4 million bushels last week. Mexico topped all destinations, with 3.4 million bushels. Thailand, Iraq, Italy and Japan rounded out the top five.

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