USDA Reports Corn Export Sales Continue Above Last Year

OMAHA (DTN) — USDA’s Weekly Export Sales and Shipments report released Thursday listed net sales of 51.0 million bushels (mb) of corn, 9.7 mb of soybeans, and 14.30 mb of wheat, old and new crop combined for all three. Wheat’s total includes some old crop cancellations.

For the week ended May 30, 2024, USDA reported an increase of 46.5 mb (1,180,900 mt) of corn export sales in 2023-24 and an increase of 4.5 mb (113,300 mt) for 2024-25. Last week’s export shipments of 58.6 mb were well above the 38.9 mb needed each week to achieve USDA’s export estimate of 2.150 billion bushels (bb) in 2023-24. Corn sales commitments now total 2.018 bb in 2023-24 and are up 34% 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 May 30, USDA reported an increase of 7.0 mb (189,600 mt) of soybean export sales in 2023-24 and an increase of 2.7 mb (73,800 mt) for 2024-25. Last week’s export shipments of 14.3 mb were above the 12.9 mb needed each week to achieve USDA’s export estimate of 1.700 bb in 2023-24. Soybean sales commitments now total 1.595 bb in 2023-24 and are down 15% 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 May 30, USDA reported net sales cancellations of 8.4 mb (229,000 mt) for 2023-24 and an increase of 22.7 mb (616,900 mt) for 2024-25. Last week’s export shipments of 16.5 mb were well below the 28.3 mb needed each week to achieve USDA’s export estimate of 720 mb in 2023-24. Wheat export shipments now total 708 mb in 2023-24, including Census Bureau adjustments and need 12 mb more to reach USDA’s export estimate of 720 mb in 2023-24.