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The USDA’s latest export sales statistics for the week ending February 15, released Friday morning, were dominated by bearish numbers that were difficult for traders to digest. Soybeans fell to the market’s lowest point in the year after falling 84% below its average over the past four weeks. Wheat sales were down 33% from the previous week, and corn sales were 37% below last week’s tally.
Corn exports totaled 39.3 million bushels last week, including new and old crop sales. Old crop sales were 30% below the average for the past four weeks. Total sales were near the lower end of analysts’ expectations (27.6 million to 61 million bushels). Total sales for the 2023/24 marketing year are still trending slightly above last year’s pace so far, reaching 747.3 million bushels.
Corn export shipments were solid at 40.3 million bushels, 16% higher than the average for the past four weeks. Mexico, Japan, Colombia, Saudi Arabia and Honduras were the top five destinations.
Sorghum exports were down significantly from the previous week after reaching just 323,000 bushels. China was the only destination. Cumulative volumes for the 2023/24 marketing year so far are well above last year’s pace at 127.3 million bushels.
Soybean export sales fell to a market-year low of 2.1 million bushels. This was well below the full range of analysts’ expectations (11 million to 31.2 million bushels). Cumulative shipments for the 2023/24 marketing year are slightly below last year’s pace so far at 1.161 billion bushels.
Soybean export shipments were 44 million bushels, 8% below the average for the past four weeks. China, Mexico, Indonesia, Japan and South Korea were the top five destinations.
Wheat exports totaled 10.3 million bushels last week, including new and old grain sales. Old crop sales were 38% below the average for the past four weeks. Total sales were below overall industry expectations, which ranged from 11 million to 23 million bushels. The 2023/24 marketing year total is slightly lower than last year’s pace so far at 436.2 million bushels.
Wheat export shipments were down 8% from the previous week, but were still 14% above the four-week average at 13.7 million bushels. Japan, China, the Philippines, Mexico and South Korea were the top five destinations.
click here See more highlights from the latest UDSA Export Sales Report.
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