U.S. corn export sales plummeted to a marketing-year low last week, dropping 92% from the previous week as global buyers appeared to shift purchasing strategies, according to data released Thursday by the U.S. Department of Agriculture.
Net corn sales of just 97,600 metric tons for the 2024/25 marketing year were 89% below the prior four-week average during the July 4-10 reporting period. The decline comes despite substantial sales for the upcoming 2025/26 marketing year, which totaled 565,900 metric tons.
"This significant drop in near-term corn commitments suggests global buyers may be holding back on immediate purchases while securing longer-term supplies," said an agricultural economist at a Midwestern university who closely follows export trends.
The report revealed substantial reductions in corn sales to unknown destinations, which fell by 390,700 metric tons, and Mexico, which decreased purchases by 79,300 metric tons.
Meanwhile, wheat exports showed continued strength with net sales of 494,400 metric tons for 2025/26. Though down 13% from the previous week, wheat sales remained 8% above the prior four-week average, with Mexico leading purchases at 83,500 metric tons.
The Philippines emerged as a significant buyer of U.S. soybean meal, with net sales of 232,600 metric tons for the current marketing year and another 96,000 metric tons for 2025/26. These purchases helped drive overall soybean meal sales up 72% from the previous week.
"The Philippines has substantially increased its animal feed imports to support its growing livestock sector," said a market analyst at a major commodity trading firm. "This represents a bright spot amid otherwise mixed export performance."
Soybean sales showed weakness with 271,900 metric tons sold for the current marketing year, down 46% from the previous week and 39% below the four-week average. However, sales for the 2025/26 marketing year remained robust at 529,600 metric tons, with Mexico accounting for 326,600 metric tons.
Cotton sales showed particular weakness, with upland cotton sales down 93% from the previous week to just 5,500 running bales for the current marketing year.
The USDA also reported several large single-day sales, including 110,000 metric tons of corn to unknown destinations for 2025/26 delivery and 219,900 metric tons of soybeans to Mexico for 2025/26.
