Corn Exports Pace Ahead of 2024; Soybeans See Marketing-Year High

USDA released a catch-up export sales report on Tuesday, covering the week ending December 11. Corn exports posted another strong week, with the commitment pace rising 1 point to 31 percent ahead of the same point in 2024. Soybean export sales reached a marketing-year high of 88 million bushels, though weekly shipments remain slow as China has just begun taking physical delivery, with cumulative exports to the country just over 10 million bushels compared to 537 million at the same point last year. Overall, soybean export commitments have gained 6 points over the past two weeks, but remain 33 percent behind 2024. Wheat exports also improved, with 15.9 million bushels sold, up 13 percent from the prior week, and weekly shipments of 18 million bushels marking an eight-week high. Commitments for wheat are 22 percent ahead of last year, with USDA forecasting a 9 percent increase for the marketing year.