USDA’s latest set of grain export sales data, out Friday morning and covering the week through June 13, held a few surprises for traders to digest. Of particular note, corn sales slumped below the entire range of analyst estimates, while wheat sale climbed above all trade guesses. Soybean sales were rangebound but on the lower end of analyst estimates.

Corn exports found 23.8 million bushels in combined old and new crop sales last week. Unfortunately, that was below the entire set of analyst estimates, which ranged between 27.6 million and 55.1 million bushels. Cumulative totals for the 2023/24 marketing year are still trending moderately higher than last year’s pace so far after reaching 1.658 billion bushels.

Corn export shipments were 13% better than the prior four-week average, with 58.3 million bushels. Japan, Mexico, Spain, Colombia and Saudi Arabia were the top five destinations.

Sorghum export sales shifted 9% below the prior four-week average, with 2.2 million bushels. China was the lone destination. Cumulative sales for the 2023/24 marketing year are still substantially above last year’s pace, with 198.8 million bushels.

Soybean exports reached 23.5 million bushels in combined old and new crop sales last week. Old crop sales climbed 89% above the prior four-week average. Total sales were toward the lower end of analyst estimates, which ranged between 13.8 million and 38.6 million bushels. Cumulative sales for the 2023/24 marketing year are still tracking moderately below last year’s pace, with 1.489 billion bushels.

Soybean export shipments were 27% above the prior four-week average, with 12.5 million bushels. Indonesia, the Netherlands, Egypt, Algeria and Mexico were the top five destinations.

Wheat export sales reached 21.3 million bushels last week. Despite some modest net reductions in new crop sales, total sales were still above the entire range of analyst estimates, which ranged between 7.3 million and 18.4 million bushels. Cumulative sales for the 2024/25 marketing year are slightly ahead of last year’s pace so far, with 23.3 million bushels.

Wheat export shipments 13.4 million bushels last week. South Korea, Thailand, Panama, the Philippines and Vietnam were the top five destinations.

Click here for more highlights from the latest UDSA export sales report.