USDA Reports Another Week of Disappointing Soybean Sales; Good Corn, Wheat Shipments

OMAHA (DTN) — USDA’s Weekly Export Sales and Shipments report released Thursday listed net sales of 49.1 million bushels (mb) of corn, 5.9 mb of soybeans, and 11.8 mb of wheat. Corn and wheat sales were for 2023-24 and 2024-25 delivery. Wheat’s net contained a cancellation. Soybean sales were limited to 2023-24 delivery.

For the week ended Feb. 22, 2024, USDA reported an increase of 42.6 million bushels (mb) (1,082,300 mt) of corn export sales in 2023-24 and an increase of 6.5 mb (165,000 mt) for 2024-25. Last week’s export shipments of 47.9 mb were above the 45.5 mb needed each week to achieve USDA’s export estimate of 2.100 billion bushels (bb) in 2023-24. Corn sales commitments now total 1.501 bb in 2023-24 and are up 30% from a year ago. That is 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 Feb. 22, USDA reported an increase of 5.9 mb (159,700 mt) of soybean export sales in 2023-24. Last week’s export shipments of 40.5 mb were well above the 18.2 mb needed each week to achieve USDA’s export estimate of 1.720 bb in 2023-24. Soybean sales commitments now total 1.434 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 Feb. 22, USDA reported an increase of 12.0 mb (327,300 mt) of wheat export sales for 2023-24 and a decrease of 0.2 mb (5,200 mt) for 2024-25. Last week’s export shipments of 19.8 mb were above the 17.9 mb needed each week to achieve USDA’s export estimate of 725 mb in 2023-24. Wheat export shipments now total 456 mb in 2023-24 and are down 11% 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.