U.S. Corn and Soybean Export Sales Improve

By Kirk Maltais

Export sales of U.S. corn and soybeans for the week through April 11 improved from the previous week, falling in the middle of analyst forecasts.

In its latest weekly export sales report, the U.S. Department of Agriculture reported that corn export sales totaled 566,200 metric tons across both the 2023/24 and 2024/25 marketing years. Soybean sales totaled 749,000 tons across both years. Both totals are improved from the totals reported by the USDA last week.

For corn, this week's total fell on the low end of analyst expectations, with analysts surveyed by The Wall Street Journal forecasting sales between 325,000 tons and 1.1 million tons. Soybean sales fell in the middle of analyst forecasts, which were between 300,000 tons and 1.1 million tons.

Wheat sales fell from the previous week, totaling 128,400 tons across both marketing years, including a 93,600-ton reduction in previously announced sales in 2023/24. Analysts had forecast sales between 50,000 tons and 600,000 tons.

CBOT grains are lower in premarket trading with most-active corn down 0.4%, soybeans down 0.7% and wheat down 0.1%. Export sales this week are seen as a negative for futures, said Doug Bergman of RCM Alternatives in a note. "Bad sales across the board," he said.

To see related data, search "U.S. Export Sales: Weekly Sales Totals" in Dow Jones NewsPlus.

Write to Kirk Maltais at kirk.maltais@wsj.com

(END) Dow Jones Newswires

April 18, 2024 09:42 ET (13:42 GMT)

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