USDA Reports Low Export Sales, But Active Shipments
Total corn sales commitments for 2023-24 are up 38% from a year ago; soybean sales commitments down 17%; wheat sales commitments are down 2%.
OMAHA (DTN) — USDA’s Weekly Export Sales and Shipments report released Thursday listed net sales of 19.2 million bushels (mb) of corn, 10.3 mb of soybeans, and 4.7 mb of wheat. All sales were for delivery in 2023/2024.
For the week ended Jan. 4, 2024, USDA reported an increase of 19.2 mb (487,600 mt) of corn export sales in 2023-24. Last week’s export shipments of 40.8 mb were below the 45.1 mb needed each week to achieve USDA’s export estimate of 2.100 billion bushels (bb) in 2023-24. Corn sales commitments now total 1.192 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 Jan. 4, USDA reported an increase of 10.3 mb (280,400 mt) of soybean export sales in 2023-24. Last week’s export shipments of 31.7 mb were above the 24.9 mb needed each week to achieve USDA’s export estimate of 1.755 bb in 2023-24. Soybean sales commitments now total 1.353 bb in 2023-24 and are down 17% 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 lowest in eight years.
For the week ended Jan. 4, USDA reported an increase of 4.7 mb (128,100 mt) of wheat export sales for 2023-24. Last week’s export shipments of 21.5 mb were above the 16.8 mb needed each week to achieve USDA’s export estimate of 725 mb in 2023-24. Wheat export commitments now total 566 mb in 2023-24 and are down 2% 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.