USDA Reports Another Week of Active Export Shipments

OMAHA (DTN) — USDA’s Weekly Export Sales and Shipments report released Thursday listed net sales of 50.5 million bushels (mb) of corn, 17.3 mb of soybeans, and 6.14 mb of wheat. Soybean and wheat sales were for 2023-24 and 2024-25 delivery. Corn sales were limited to 2023-24 delivery.

For the week ended March 7, 2024, USDA reported an increase of 50.5 million bushels (mb) (1,283,400 mt) of corn export sales in 2023-24. Last week’s export shipments of 49.5 mb were above the 46.0 mb needed each week to achieve USDA’s export estimate of 2.100 billion bushels (bb) in 2023-24. Corn sales commitments now total 1.595 bb in 2023-24 and are up 27% from a year ago. That is a little above USDA’s estimated pace at a time when USDA’s estimate of U.S. ending corn stocks is the highest in five years.   

For the week ended March 7, USDA reported an increase of 13.8 mb (376,000 mt) of soybean export sales in 2023-24 and an increase of 3.5 mb (94,300 mt) for 2024-25. Last week’s export shipments of 34.8 mb were well above the 16.5 mb needed each week to achieve USDA’s export estimate of 1.720 bb in 2023-24. Soybean sales commitments now total 1.457 bb in 2023-24 and are down 20% from a year ago. That is below USDA’s estimated pace at a time when USDA’s estimate of U.S. ending soybean stocks is the highest in four years.   

For the week ended March 7, USDA reported an increase of 3.1 mb (83,800 mt) of wheat export sales for 2023-24 and an increase of 3.0 mb (81,300 mt) for 2024-25. Last week’s export shipments of 16.7 mb were below the 17.8 mb needed each week to achieve USDA’s export estimate of 710 mb in 2023-24. Wheat export shipments now total 486 mb in 2023-24 and are down 9% from a year ago. That is below USDA’s estimated pace at a time when USDA’s estimate of U.S. ending wheat stocks is the second lowest in 10 years.