US Wheat Sales Falter, While Corn Exports Remain Strong

Net sales of US wheat for the 2023/2024 marketing year experienced a significant decline, plummeting by 105% from the previous week's 192,300 metric tons (MT) to a net reduction of 20,300 MT, according to the latest export sales report from the US Department of Agriculture (USDA). This reduction also represents a stark contrast to the prior four-week average of 205,500 MT, highlighting a concerning downturn in demand.

While some increases were observed for specific destinations, such as Nigeria (33,000 MT) and Colombia (22,000 MT), these were dwarfed by a massive reduction of 115,000 MT for unknown destinations and a 20,000 MT decrease for Ecuador. This suggests a potential shift in purchasing patterns or challenges in securing new buyers for US wheat.

In contrast, net sales of US corn for the 2023/2024 marketing year remained relatively strong at 758,500 MT. Although this represents a 42% decrease from the previous week's exceptional figure of 1,311,200 MT, it aligns closely with the prior four-week average of 765,800 MT, indicating sustained demand for US corn. Major buyers during this period included Japan (267,400 MT), Mexico (190,800 MT), and South Korea (140,700 MT).

Corn exports also saw a decline, totaling 1,382,300 MT, a 19% decrease from the previous week's 1,703,700 MT and a 14% drop from the prior four-week average of 1,614,600 MT. Despite this reduction, the export volume remains significant, with Mexico (464,000 MT), Japan (362,600 MT), and South Korea (265,700 MT) being the primary destinations.