USDA Reports Old-Crop Wheat Sales Moved to New Season
Total corn sales commitments for 2023-24 are up 19% from a year ago; soybean sales commitments down 19%; wheat sales shipments are down 9%.
OMAHA (DTN) — USDA’s Weekly Export Sales and Shipments report released Thursday listed net sales of 46.7 million bushels (mb) of corn and 18.2 mb of soybeans, all for 2023-24 crop year delivery. Wheat cancellations of 4.0 mb were reported for 2023-24 and sales of 10.5 mb were reported for 2024-25 delivery.
For the week ended March 14, 2024, USDA reported an increase of 46.7 mb (1,185,800 mt) of corn export sales in 2023-24. Last week’s export shipments of 60.2 mb were above the 45.9 mb needed each week to achieve USDA’s export estimate of 2.100 billion bushels (bb) in 2023-24. Corn sales commitments now total 1.642 bb in 2023-24 and are up 19% 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 March 14, USDA reported an increase of 18.2 mb (494,000 mt) of soybean export sales in 2023-24. Last week’s export shipments of 28.4 mb were above the 15.9 mb needed each week to achieve USDA’s export estimate of 1.720 bb in 2023-24. Soybean sales commitments now total 1.476 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 March 14, USDA reported a decrease of 4.0 mb (109,600 mt) of wheat export sales for 2023-24 and an increase of 10.5 mb (285,900 mt) for 2024-25. Last week’s export shipments of 14.5 mb were below the 17.9 mb needed each week to achieve USDA’s export estimate of 710 mb in 2023-24. Wheat export shipments now total 500 mb in 2023-24 and are down 9% from a year ago. That is below USDA’s estimated pace at a time when USDA’s estimate of U.S. ending wheat stocks is the second lowest in 10 years.