USDA Reports Week of Active Corn, Soybean Shipments

OMAHA (DTN) — USDA’s Weekly Export Sales and Shipments report released Thursday listed net sales of 43.7 million bushels (mb) of corn, 24.9 mb of soybeans, and 12.4 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 Feb. 29, 2024, USDA reported an increase of 43.7 mb (1,109,600 mt) of corn export sales in 2023-24. Last week’s export shipments of 45.6 mb were slightly 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 1.544 bb in 2023-24 and are up 28% 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 Feb. 29, USDA reported an increase of 22.5 mb (613,500 mt) of soybean export sales in 2023-24 and an increase of 2.4 mb (66,000 mt) for 2024-25. Last week’s export shipments of 52.1 mb were well above the 17.4 mb needed each week to achieve USDA’s export estimate of 1.720 bb in 2023-24. Soybean sales commitments now total 1.449 bb in 2023-24 and are down 19% 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. 29, USDA reported an increase of 10.0 million bushels (271,100 mt) of wheat export sales for 2023-24 and an increase of 2.4 mb (64,000 mt) for 2024-25. Last week’s export shipments of 13.5 mb were below the 17.8 mb needed each week to achieve USDA’s export estimate of 725 mb in 2023-24. Wheat export shipments now total 470 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.