USDA Reports Another Week of Active Export Shipments, Lower Corn Sales
Total corn sales commitments for 2023-24 are up 17% from a year ago; soybean sales commitments down 19%; wheat sales shipments are down 3%.
OMAHA (DTN) — USDA’s Weekly Export Sales and Shipments report released Thursday listed net sales of 13.2 million bushels (mb) of corn, 11.2 mb of soybeans, and 13.1 mb of wheat. Corn and wheat posted sales for delivery in both the 2023-24 and 2024-25 crop years. Soy sales were only made for old crop delivery.
For the week ended April 4, 2024, USDA reported an increase of 12.8 mb (325,500 mt) of corn export sales in 2023-24 and an increase of 0.4 mb (9,500 mt) for 2024-25. Last week’s export shipments of 61.3 mb were well above the 42.3 mb needed each week to achieve USDA’s export estimate of 2.100 billion bushels (bb) in 2023-24. Corn sales commitments now total 1.739 bb in 2023-24 and are up 17% from a year ago. That is below 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 April 4, USDA reported an increase of 11.2 mb (305,300 mt) of soybean export sales in 2023-24. Last week’s export shipments of 18.5 mb were above the 14.2 mb needed each week to achieve USDA’s export estimate of 1.720 bb in 2023-24. Soybean sales commitments now total 1.501 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 April 4, USDA reported an increase of 3.0 mb (80,700 mt) of wheat export sales for 2023-24 and an increase of 10.1 mb (274,400 mt) for 2024-25. Last week’s export shipments of 23.0 mb were above the 17.8 mb needed each week to achieve USDA’s export estimate of 710 mb in 2023-24. Wheat export shipments now total 557 mb in 2023-24 and are down 3% from a year ago. That is above USDA’s estimated pace at a time when USDA’s estimate of U.S. ending wheat stocks is the second lowest in 10 years.