According to the Department of Agriculture’s latest report, export sales of U.S. soybeans have fallen below analysts’ expectations for the second consecutive week. In the week ending on February 1st, soybean export sales totaled 340,800 metric tons for the 2023/24 marketing year, with an additional 9,200 tons reported for 2024/25. These figures are lower than the combined forecasted sales of analysts, who had anticipated sales ranging from 400,000 tons to 1.025 million tons.
On the other hand, corn and wheat sales for both marketing years met expectations, with wheat totaling 386,500 tons and corn reaching 1.22 million tons.
The USDA reports that China was the top buyer of soybeans during this period, while South Korea emerged as the leading buyer of wheat. Additionally, unknown destinations were the biggest buyers of corn.
Following the release of Brazilian crop data indicating smaller crops, grain futures on the Chicago Board of Trade are experiencing mixed trends. The most-active corn futures have increased by 0.2%, soybeans have seen a rise of 0.4%, while wheat has dropped by 1.4%.
For further information and related data, you can search “U.S. Export Sales: Weekly Sales Totals” on Dow Jones NewsPlus.
