USDA Reports Another Week of Higher Wheat Export Sales
Total corn sales commitments for 2023-24 are up 38% from a year ago; soybean sales commitments down 15%; wheat sales commitments are up 49% from a year ago.
OMAHA (DTN) — USDA’s Weekly Export Sales and Shipments report released Friday due to the July 4th holiday listed net sales of 26.4 million bushels (mb) of corn, 13.9 mb of soybeans, and 29.6 mb of wheat. Corn and soybean sales include old and new crop purchases. The wheat total is all old crop.
For the week ended June 27, 2024, USDA reported an increase of 14.1 mb (357,200 mt) of corn export sales in 2023-24 and an increase of 12.3 mb (311,500 mt) for 2024-25. Last week’s export shipments of 35.2 mb were below the 37.1 mb needed each week to achieve USDA’s export estimate of 2.150 billion bushels (bb) in 2023-24. Corn sales commitments now total 2.115 bb in 2023-24 and are up 38% 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 June 27, USDA reported an increase of 8.4 mb (228,400 mt) of soybean export sales in 2023-24 and an increase of 5.5 mb (150,300 mt) for 2024-25. Last week’s export shipments of 11.2 mb were below the 13.9 mb needed each week to achieve USDA’s export estimate of 1.700 bb in 2023-24. Soybean sales commitments now total 1.646 bb in 2023-24 and are down 15% from a year ago. That is even with 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 June 27, USDA reported an increase of 29.6 mb (805,300 mt) of wheat export sales for 2024-25. Last week’s export shipments of 11.3 mb were below the 15.6 mb needed each week to achieve USDA’s export estimate of 800 mb in 2024-25. Wheat sales commitments now total 254 mb in 2024-25 and are up 49% from a year ago. That is well above USDA’s estimated pace at a time when USDA’s estimate of U.S. ending wheat stocks is the highest in four years.