US Wheat Sales Rebound While Corn Exports Slide

US wheat sales rebounded in the week ending May 2, 2024, while corn exports continued to decline, according to the latest export sales data released by the United States Department of Agriculture (USDA).

Net sales of US wheat for the 2023/2024 marketing year totaled 78,500 metric tons (MT), a 91% increase from the previous week and a significant jump from the prior four-week average. This rebound in sales was driven by increased purchases from Mexico, South Korea, and China, offsetting reductions from other destinations.

"Net sales of 78,500 metric tons (MT) for 2023/2024 were up 91 percent from the previous week and up noticeably from the prior 4-week average," the USDA report states.

Meanwhile, corn exports for the 2023/2024 marketing year continued their downward trend, reaching 952,400 MT. This represents a 23% decrease from the previous week and a 35% drop from the prior four-week average. Mexico, Japan, Taiwan, and South Korea remained the primary destinations for US corn exports.

"Exports of 952,400 MT were down 23 percent from the previous week and 35 percent from the prior 4-week average," the report indicates.

Net sales of US corn for the 2023/2024 marketing year also declined, totaling 742,200 MT, down 17% from the previous week and 14% from the prior four-week average. Despite this decline, Mexico and Japan remained significant buyers of US corn.