The Department of Agriculture announced that export sales of U.S. corn for delivery have reached a marketing-year high as of the week ended Nov. 23.
According to the latest export sales report by the USDA, export sales of U.S. corn for delivery in the 2023/24 marketing year amounted to a total of 1.93 million metric tons. This represents a 35% increase from the previous week and marks the highest sales so far in the current marketing year.
Leading analysts surveyed by The Wall Street Journal had predicted sales to range from 600,000 to 1.2 million tons. However, the actual sales turned out to be even better than expected, mainly due to strong sales to unknown destinations, which accounted for a total of 726,600 tons. Top buyers also included Mexico, Japan, Taiwan, and China.
In addition, both wheat and soybean sales surpassed analyst expectations for the week. Wheat sales reached a total of 622,800 tons, while soybeans hit 1.9 million tons.
Following the release of the weekly report, the USDA confirmed a new flash sale of soybeans to China, totaling 134,000 tons.
As of pre-market trading, grain futures trading on the Chicago Board of Trade (CBOT) are experiencing mixed results. The most-active corn is up by 0.4%, while soybeans and wheat are down by 0.1% each.
For more information and related data, please search for “U.S. Export Sales: Weekly Sales Totals” in Dow Jones NewsPlus.
