U.S. Soybean Exports Reach Highest Level This Year

The latest report from the Department of Agriculture reveals that export sales of U.S. soybeans have hit a marketing year high as of the week ending on November 9th.

Surge in Soybean Sales

According to the weekly export sales report by the USDA, soybean sales reached a total of 3.92 million metric tons. This figure is significantly higher than last week's sales and falls within the upper range of forecasts provided by analysts surveyed by The Wall Street Journal. Notably, a major driving force behind this surge in sales is the 2.61 million tons sold to China.

Increase in Corn Sales

During the same week, sales of corn totaled 1.81 million metric tons, marking a 78% increase from the previous week. This surpasses the predictions made by surveyed analysts, who estimated sales to land somewhere between 900,000 tons and 1.7 million tons.

Decline in Wheat Sales

However, wheat sales experienced a decline, with a total of 176,300 tons sold during the week. This amount represents a 50% decrease from the previous week and falls below the predictions made by analysts, who anticipated sales to be between 250,000 tons and 500,000 tons.

Market Outlook for Corn

Despite corn sales surpassing analyst expectations, Doug Bergman of RCM Alternatives suggests that CBOT corn will not experience a significant boost. In a note, he stated that corn "continues to lack the catalyst to push it out of the recent trading range."

Performance of CBOT Grains

Across the board, most-active CBOT grains experienced a decline in value. Specifically, corn was down by 0.4%, soybeans were down by 0.7%, and wheat was down by 1%.

For additional data related to U.S. export sales, please search "U.S. Export Sales: Weekly Sales Totals" in Dow Jones NewsPlus.