According to recent data from the US Department of Agriculture, export sales of US corn have surged, surpassing the expectations of analysts surveyed by The Wall Street Journal. For the week ending July 6, a total of 939,200 metric tons of corn were sold across the 2022/23 and 2023/24 marketing years.
This significant increase in export sales exceeded the forecasted range of 250,000 tons to 700,000 tons. In comparison, wheat sales for the 2023/24 marketing year fell within the predicted range of 250,000 tons to 550,000 tons, totaling 395,700 tons. Soybean sales, on the other hand, reached the lower end of analyst estimates with a total of 289,800 tons sold across the 2022/23 and 2023/24 marketing years, compared to the forecasted range of 200,000 tons to 800,000 tons.
In an additional development, the USDA announced a flash sale of 315,704 tons of soybeans to Mexico for delivery in the 2023/24 marketing year.
As a result of these positive sales figures, grain futures trading on the Chicago Board of Trade saw an increase in premarket trading. Most-active corn futures rose by 0.6%, soybeans increased by 1.6%, and wheat saw a slight gain of 0.2%.
For more information on US export sales data, please search for “US Export Sales: Weekly Sales Totals” in Dow Jones NewsPlus.