Soybean Sales Plunge to Marketing Year Low
The latest data shows that U.S. soybean export sales hit a marketing year low for the week ended Feb. 15, primarily due to a significant reduction in previously announced sales. The Department of Agriculture reported total soybean sales of 55,900 metric tons for 2023/24, marking a steep decline driven by a reduction of 591,700 tons previously sold to unknown destinations. This figure falls below the expectations of analysts surveyed by The Wall Street Journal, who anticipated sales ranging between 300,000 tons and 800,000 tons.
Wheat and Corn Fall Short of Forecasts
In addition to soybeans, sales of wheat also failed to meet analyst predictions, totaling 233,500 tons for the week, below the projected range of 250,000 tons to 600,000 tons. Similarly, corn sales landed on the lower end of estimates, amounting to 998,100 tons across the 2023/24 and 2024/25 marketing years.
Market Reaction and Projections
Following the release of Friday morning’s report, CBOT grains are expected to face pressure throughout the day due to the disappointing export figures. Doug Bergman of RCM Alternatives noted, “Poor exports across the board with corn at the bottom end of the range and beans/wheat below the bottom end of the range of guesses.”
Market Trends
As of early trading, the market reflects a 0.3% decline in most-active soybeans, while corn sees a 0.4% increase and wheat is up by 0.6%.
For more detailed insights and related data, refer to “U.S. Export Sales: Weekly Sales Totals” on Dow Jones NewsPlus.