USDA’s new export sales report, out Thursday morning and covering the week through February 23, held mostly bearish data for traders to digest. Soybeans fared the worst, with old crop sales fading to a marketing-year low. Corn and wheat totals were also tepid, staying near the low end of analyst estimates.

Corn exports saw 23.5 million bushels in old crop sales (with no additional new crop sales) last week, which was 48% below the prior four-week average. It was also on the very low end of analyst estimates, which ranged between 19.7 million and 43.3 million bushels. Cumulative sales for the 2022/23 marketing year are severely below last year’s pace so far, with 591.7 million bushels.

Corn export shipments fared better, firming 13% above the prior four-week average with 26.2 million bushels. Mexico, Colombia, Japan, Honduras and Canada were the top five destinations.

Sorghum export sales trended 44% below the prior four-week average, with 2.1 million bushels. The entirety of that grain is bound for China. Cumulative sales for the 2022/23 marketing year are sharply below last year’s pace, with 18.6 million bushels. On a brighter note, sorghum export shipments reached a marketing-year high last week, with 4.2 million bushels.

Soybean exports were lackluster after only reaching 18.2 million bushels in combined sales last week. In fact, old crop sales spilled to a marketing-year low. Total sales were also on the lower end of trade estimates, which ranged between 11.0 million and 38.6 million bushels. Cumulative totals for the 2022/23 marketing year are still slightly above last year’s pace, with 1.529 billion bushels.

Soybean export shipments tracked 50% below the prior four-week average, with 32.4 million bushels. China, Germany, Mexico, the Netherlands and Algeria were the top five destinations.

Wheat exports only reached 11.1 million bushels last week, although old crop sales improved 39% compared to the prior four-week average. Analysts generally expected a bigger haul, with trade guesses ranging between 5.5 million and 25.7 million bushels. Cumulative sales for the 2022/23 marketing year are slightly below last year’s pace so far, with 511.1 million bushels.

Wheat export shipments were stronger, climbing 30% above the prior four-week average to 22.4 million bushels. Iraq, South Korea, Mexico, Japan and Indonesia were the top five destinations.

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