The export sales of US corn and soybeans have seen a significant increase for the upcoming 2023/24 marketing year, while sales for the current 2022/23 marketing year have mostly been negative.
According to the Department of Agriculture's weekly export sales report, sales of corn for the 2023/24 marketing year reached 991,800 metric tons for the week ending on August 24. Similarly, soybean sales for the same period totaled 1.12 million tons. In contrast, net corn sales for 2022/23 saw a reduction of 71,700 tons, and net soybean sales experienced a reduction of 50,700 tons.
The decrease in corn and soybean sales for 2022/23 can be attributed to reductions in sales to unknown destinations, which are often associated with China in the grain market.
On the other hand, wheat sales for the 2023/24 marketing year reached 329,100 tons, mainly driven by sales to China.
In pre-market trading, grain futures on the CBOT (Chicago Board of Trade) showed mixed results, with corn up by 0.5%, soybeans down by 0.1%, and wheat down by 1.3%.
For more information and related data, you can search for "US Export Sales: Weekly Sales Totals" on Dow Jones NewsPlus.
Written by Kirk Maltais