The recent grain export sales data from the U.S. Department of Agriculture presents a varied picture of international commodity demand. While wheat experienced an impressive surge in sales, exceeding all market predictions, and corn maintained a strong, consistent performance, soybeans faced a downturn, with sales volume falling below anticipated levels. This weekly overview offers crucial insights into the current state of global agricultural trade, highlighting the shifting dynamics among major grain commodities.
Last week's export report, covering the period up to July 17, showed an exceptional performance for wheat. Its sales volume notably increased by 50% compared to the previous four-week average, achieving a remarkable 26.2 million bushels. This figure significantly outstripped all analyst estimates, which had projected sales between 9.2 million and 18.4 million bushels. The substantial growth in wheat exports positions it strongly for the 2025-26 marketing year, with cumulative sales already ahead of the previous year's pace, reaching 107.7 million bushels. Major destinations for these wheat shipments included Nigeria, Mexico, Indonesia, Taiwan, and Chile.
Corn exports also demonstrated robust figures, with combined old and new crop sales reaching 54.2 million bushels. Although old crop sales slightly decreased by 2% week-over-week, the overall volume remained at the higher end of analyst forecasts, which ranged from 19.7 million to 63.0 million bushels. For the 2024-25 marketing year, cumulative corn sales have reached an impressive 2.369 billion bushels, considerably surpassing the pace set last year. Weekly corn export shipments, however, saw a 27% reduction from the preceding four-week average, totaling 41.7 million bushels. Top importers of U.S. corn were Mexico, South Korea, Colombia, Taiwan, and Venezuela.
Conversely, the soybean market faced challenges. Combined old and new crop sales amounted to 14.7 million bushels, falling to the lower end of market expectations, which ranged from 12.9 million to 31.2 million bushels. Old crop sales, in particular, saw a significant decline of 59% below the prior four-week average. Despite this weekly setback, cumulative soybean sales for the 2024-25 marketing year, at 1.721 billion bushels, still maintain a moderate lead over the previous year's figures. Soybean export shipments recorded an improvement, increasing by 28% over the four-week average to 13.3 million bushels, with key destinations including the Netherlands, Mexico, Egypt, Japan, and Indonesia.
Looking at sorghum, its export sales experienced a healthy rebound, soaring past the four-week average to reach 1.3 million bushels, with Mexico as the primary buyer. However, overall cumulative sales for sorghum in the 2024-25 marketing year remain substantially lower than the previous year, standing at 62.8 million bushels. The varied performance across these commodities underscores the complex and ever-changing nature of the global agricultural trade landscape, influenced by diverse market demands and regional purchasing patterns.
In summary, the most recent export report highlights significant shifts within the international grain trade. Wheat demonstrated exceptional strength, achieving sales volumes far beyond projections. Corn maintained its solid performance, consistently meeting high expectations. Soybeans, on the other hand, experienced a notable decline in sales, especially for older crops, indicating a challenging period for this commodity. These trends reflect the dynamic interplay of global demand, supply, and regional market preferences in agricultural commodities.
