U.S. corn, soybeans, and wheat sales have declined, falling within analyst estimates. Mexico, unknown destinations, and Taiwan were the leading buyers. Grain futures trading shows a pre-market increase in prices.
Troy D. Hanson
September 08, 2023
According to the Department of Agriculture's weekly export sales report, sales of U.S. corn, soybeans, and wheat have declined. The figures for the week ending August 31st are as follows:
Corn: 949,700 metric tons
Soybeans: 1.78 million tons
Wheat: 370,300 tons
These sales numbers fell within the range of analyst estimates. The surveyed analysts had predicted corn sales between 300,000 tons to 1.4 million tons, soybeans between 1.3 million tons to 2.5 million tons, and wheat between 200,000 tons to 650,000 tons.
However, there were light or non-existent carryover sales from the previous marketing year (2022/23) for corn and soybeans. The USDA reported a net reduction of 15,200 tons in corn carryover sales and sales of 155,600 tons for soybeans.
For the leading buyers, Mexico topped the list for corn purchases, while unknown destinations were the lead buyers for soybeans. Taiwan took the lead as the buyer of wheat.
In grain futures trading on the CBOT, there is a pre-market increase in prices. Corn is up by 0.3%, soybeans by 0.1%, and wheat by 0.1%.
For more information and related data on U.S. export sales, you can search "U.S. Export Sales: Weekly Sales Totals" in Dow Jones NewsPlus.