The latest report from the Department of Agriculture reveals that export sales of U.S. wheat have exceeded expectations. For the 2023/24 marketing year, a total of 437,900 metric tons of wheat were sold, representing an 18% increase from the previous four-week average and a 20% increase from the prior week. Notably, Mexico, Thailand, and Japan were the prominent buyers during this period.
Corn and soybean sales, on the other hand, met analysts’ predictions. Specifically, corn sales reached 753,300 tons, while soybean sales totaled 703,900 tons. Soybean sales were on the lower end of estimates, while corn sales fell within the middle range. China emerged as the leading buyer of U.S. corn and soybean exports for the week.
In terms of market performance, grain futures trading on the CBOT indicate a predominantly downward trend before the market opens. Corn has dipped by 0.3%, soybeans remain unchanged, and wheat has decreased by 0.9%.
For more detailed information, browse “U.S. Export Sales: Weekly Sales Totals” in Dow Jones NewsPlus.