USDA Reports Wheat, Corn Commitments Higher Than a Year Ago
Total corn sales commitments for 2023-24 are up 30% from a year ago; soybean sales commitments down 19%; wheat sales commitments are up 7%.
OMAHA (DTN) — USDA’s Weekly Export Sales and Shipments report released Thursday listed net sales of 51.6 million bushels (mb) of corn, 13.9 mb of soybeans, and 14.6 mb of wheat. All sales were for 2023-24 and 2024-25 delivery.
For the week ended Feb. 8, 2024, USDA reported an increase of 51.5 mb (1,306,900 mt) of corn export sales in 2023-24 and an increase of 0.1 mb (2,300 mt) for 2024-25. Last week’s export shipments of 35.6 mb were below the 45.0 mb needed each week to achieve USDA’s export estimate of 2.100 billion bushels (bb) in 2023-24. Corn sales commitments now total 1.426 bb in 2023-24 and are up 30% 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. 8, USDA reported an increase of 13.0 mb (353,800 mt) of soybean export sales in 2023-24 and an increase of 0.9 mb (24,000 mt) for 2024-25. Last week’s export shipments of 53.4 mb were above the 20.3 mb needed each week to achieve USDA’s export estimate of 1.720 bb in 2023-24. Soybean sales commitments now total 1.426 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 Feb. 8, USDA reported an increase of 12.8 mb (349,300 mt) of wheat export sales for 2023-24 and an increase of 1.8 mb (48,000 mt) for 2024-25. Last week’s export shipments of 14.9 mb were below the 17.5 mb needed each week to achieve USDA’s export estimate of 725 mb in 2023-24. Wheat export commitments now total 647 mb in 2023-24 and are up 7% 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.