Introduction
The U.S. Department of Agriculture (USDA) recently released its weekly export sales report, meeting the expectations of analysts surveyed by The Wall Street Journal. The report highlighted the export sales of corn, soybeans, and wheat in the 2023/24 marketing year. Although the numbers were slightly lower compared to the previous week, they fell within the projected ranges provided by surveyed analysts.
Export Sales Figures
According to the USDA’s report, corn export sales for the week ending November 30 amounted to 1.29 million metric tons. Meanwhile, soybean sales totaled 1.52 million tons during the same period, and wheat sales reached 356,400 tons. Although these figures were slightly lower compared to the previous week, they remained within the forecasted ranges predicted by analysts.
Leading Buyers
China emerged as the top buyer of U.S. soybeans for the week, while Taiwan became the leading buyer of wheat. Additionally, Japan secured its position as the largest purchaser of corn.
Anticipated Focus
While the report did not hold any significant surprises, market participants are eagerly awaiting the release of the USDA’s monthly WASDE report on Friday at noon Eastern Time. Export sales are expected to be a major focal point for trading activities following the report’s publication.
Market Performance
Ahead of the market opening, CBOT grain futures showed positive signs. The most-active corn futures witnessed a 0.6% increase, soybean futures rose by 0.7%, and wheat futures remained virtually unchanged.
Note: For related data, refer to Dow Jones NewsPlus by searching “U.S. Export Sales: Weekly Sales Totals.”
