U.S. Soybean Export Sales Find Marketing-Year High
Soybean export sales reported by the Department of Agriculture through the week ended Oct. 19 not only landed on the high-end of analyst forecasts, but hit a marketing-year high as well.
In its weekly export sales report Thursday, the USDA said that for the week, sales of soybeans totaled 1.38 million metric tons for delivery in the 2023/24 marketing year. That’s up only 1% from the previous week, but enough to set a new 2023/24 high, said the USDA.
The soybeans total also landed on the high-end of estimates from analysts surveyed by The Wall Street Journal this week, who had called for exports to land between 700,000 tons and 1.5 million tons. China was the leading buyer of soybeans, purchasing 1.17 million tons.
Corn sales also landed on the high-end of expectations, totaling 1.35 million tons for 2023/24, up 53% from the previous week. Analysts had forecast sales to land anywhere from 600,000 tons to 1.4 million tons.
Wheat sales, meanwhile, totaled 363,700 tons, down 43% from the previous week and falling on the low-end of analyst forecasts.
Grain futures on the CBOT are higher in pre-market trading Thursday, with most-active corn futures up 0.2%, soybeans up 0.4%, and wheat up 1%.
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