The USDA’s latest export sales report showed mostly sluggish results. Corn exports totaled 37.3 million bushels, landing on the lower end of expectations. Old crop corn sales fell 23% week-over-week and 34% below the prior four-week average, though cumulative sales remain slightly ahead of last year.
Soybean exports were also weak, reaching just 6.6 million bushels, with old crop sales down 58% from the recent average. Shipments also hit a marketing-year low, and China remains absent from the market.
Wheat sales offered a bit of optimism, with new crop sales boosting the weekly total to 21.4 million bushels. Cumulative wheat sales for the 2024/25 marketing year are moderately above last year’s pace. Overall, traders are likely to see this report as slightly bearish amid slow demand and limited buyer activity, particularly from China.
Photo Credit: LUCKEY FARMERS
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