USDA Reports Drop in Weekly Soybean Export Sales

OMAHA (DTN) — USDA’s Weekly Export Sales and Shipments report released Thursday listed net sales of 55.2 million bushels (mb) of corn, 6.0 mb of soybeans, and 12.4 mb of wheat. Corn and wheat sales were for 2023-24 and 2024-25 delivery. Soybean sales are for 2023-24 delivery.

For the week ended Jan. 25, 2024, USDA reported an increase of 47.5 million bushels (mb) (1,206,700 mt) of corn export sales in 2023-24 and an increase of 5.7 mb (144,500 mt) for 2024-25. Last week’s export shipments of 35.9 mb were below the 45.7 mb needed each week to achieve USDA’s export estimate of 2.100 billion bushels (bb) in 2023-24. Corn sales commitments now total 1.326 bb in 2023-24 and are up 31% 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. 25, USDA reported an increase of 6.0 mb (164,500 mt) of soybean export sales in 2023-24. Last week’s export shipments of 34.9 mb were above the 23.3 mb needed each week to achieve USDA’s export estimate of 1.755 bb in 2023-24. Soybean sales commitments now total 1.400 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 Jan. 25, USDA reported an increase of 11.8 mb (322,500 mt) of wheat export sales for 2023-24 and an increase of 0.6 mb (15,500 mt) for 2024-25. Last week’s export shipments of 9.8 mb were well below the 17.3 mb needed each week to achieve USDA’s export estimate of 725 mb in 2023-24. Wheat export commitments now total 620 mb in 2023-24 and are down 4% from a year ago. That is in line 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.