USDA Reports Higher Export Sales, in Spite of Stormy Week

OMAHA (DTN) — USDA’s Weekly Export Sales and Shipments report released Friday due to Monday’s federal holiday, listed net sales of 50.1 million bushels (mb) of corn, 28.8 mb of soybeans, and 26.0 mb of wheat. Corn and soybean sales were for 2023-24 and 2024-25 delivery. Wheat sales was all for 2023-24 delivery.

For the week ended Jan. 11, 2024, USDA reported an increase of 49.3 mb (1,251,100 mt) of corn export sales in 2023-24 and an increase of 0.8 mb (20,000 mt) for 2024-25. Last week’s export shipments of 39.4 mb were below the 45.2 mb needed each week to achieve USDA’s export estimate of 2.100 billion bushels (bb) in 2023-24. Corn sales commitments now total 1.241 bb in 2023-24 and are up 36% 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 Jan. 11, USDA reported an increase of 28.7 mb (781,300 mt) of soybean export sales in 2023-24 and an increase of 0.1 mb (1,700 mt) for 2024-25. Last week’s export shipments of 61.4 mb were well above the 24.7 mb needed each week to achieve USDA’s export estimate of 1.755 bb in 2023-24. Soybean sales commitments now total 1.374 bb in 2023-24 and are down 18% 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 Jan. 11, USDA reported an increase of 26.0 mb (707,600 mt) of wheat export sales for 2023-24. Last week’s export shipments of 9.0 mb were below the 16.6 mb needed each week to achieve USDA’s export estimate of 725 mb in 2023-24. Wheat export commitments now total 592 mb in 2023-24 and are down 4% from a year ago. That is even with USDA’s estimated pace at a time when USDA’s estimate of U.S. ending wheat stocks is the second lowest in 10 years.