Last week, U.S. grain export sales experienced a significant decrease, particularly with soybean sales falling short of analyst expectations.
Soybean Sales Fall Below Expectations
According to the Department of Agriculture’s weekly export sales report on Thursday, soybean sales for the 2023/2024 marketing year amounted to 560,900 tons in the week ended Jan. 18, marking a 28% decline from the previous week. Unfortunately, these figures fell below the projected range of 700,000 to 1.23 million tons based on a Wall Street Journal survey of analysts.
China emerged as the leading buyer of U.S. soybeans, with Mexico and Indonesia following suit. However, sales to unknown destinations saw a significant decrease by 235,900 tons.
Wheat Sales Reflect a Moderation
Wheat sales for the 2023/2024 and 2024/2025 marketing years totaled 510,400 metric tons. Although this figure represents a decline from the previous week’s sales of 707,600 tons for the 2023/2024 marketing year, it still falls within the estimated range of 200,000 to 700,000 tons. Mexico secured its position as the prominent buyer of U.S. wheat, with the Philippines and Japan also contributing to the demand.
Corn Sales Experience a Decrease
Corn sales for the 2023/24 and 2024/2025 marketing years decreased to 992,400 tons from 1.27 million tons recorded in the prior week. The actual figures fell short of expectations ranging between 750,000 and 1.4 million tons. Leading buyers of corn included Mexico, unknown destinations, and Colombia.
Grain Futures Display Mixed Performance
During pre-market trade on Thursday, grain futures on the Chicago Board of Trade demonstrated mixed results. Soybeans saw a decline of 0.3%, while wheat displayed a 0.3% increase, and corn experienced a modest gain of 0.2%.
For related data, please search “U.S. Export Sales: Weekly Sales Totals” in Dow Jones NewsPlus.