USDA’s latest grain export sales report, covering the week through July 17, held mixed but mostly solid results for traders to digest. Corn volume led the way once more, staying on the higher end of analyst estimates. Wheat sales improved 50% from the prior four-week average, besting all trade guesses in the process and hitting a “marathon-esque” number.
Soybean sales struggled, in contrast, after old-crop sales slumped 41% lower week-over-week. Corn exports found 54 million bushels in combined old and new crop sales last week. Old crop sales eased 2% lower week-over-week, while total sales were on the higher end of analyst estimates, which ranged between 19 million and 63 million bushels. Cumulative sales for the 2024-25 marketing year remain noticeably above last year’s pace after reaching 2.37 billion bushels.
-NAFB