USDA Reports Weekly Drop in Soybean Export Sales

OMAHA (DTN) — USDA’s Weekly Export Sales and Shipments report released Friday due to Monday’s holiday listed net sales of 39.3 million bushels (mb) of corn, 2.1 mb of soybeans, and 10.3 mb of wheat. Corn and wheat sales were for 2023-24 and 2024-25 delivery. Soybean sales were limited to 2023-24 delivery.

For the week ended Feb. 15, 2024, USDA reported an increase of 32.3 mb (820,400 mt) of corn export sales in 2023-24 and an increase of 7.0 mb (177,700 mt) for 2024-25. Last week’s export shipments of 40.3 mb were below the 45.4 mb needed each week to achieve USDA’s export estimate of 2.100 bb in 2023-24. Corn sales commitments now total 1.458 bb in 2023-24 and are up 29% 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 Feb. 15, USDA reported an increase of 2.1 mb (55,900 mt) of soybean export sales in 2023-24. Last week’s export shipments of 44.0 mb were well above the 19.1 mb needed each week to achieve USDA’s export estimate of 1.720 bb in 2023-24. Soybean sales commitments now total 1.428 bb in 2023-24 and are down 20% 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 Feb. 15, USDA reported an increase of 8.6 mb (233,500 mt) of wheat export sales for 2023-24 and an increase of 1.7 mb (46,600 mt) for 2024-25. Last week’s export shipments of 13.7 mb were below the 17.7 mb needed each week to achieve USDA’s export estimate of 725 mb in 2023-24. Wheat export commitments now total 655 mb in 2023-24 and are up 6% 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.