By Kirk Maltais
Export sales of U.S. soybeans hit the high end of trader forecasts for the week ended June 15, according to government data.
In its latest weekly export sales report, the U.S. Department of Agriculture reports that soybean sales across the 2022/23 and 2023/24 marketing years totaled 626,300 metric tons. That’s up 98% from the prior four-week average, the USDA said, and on the upper end of forecast from analysts surveyed by The Wall Street Journal this week, who forecast sales between 200,000 tons and 700,000 tons.
However, sales for wheat and corn were low, per analyst forecasts. About 109,700 metric tons of wheat were sold for the week, while corn sales across the 2022/23 and 2023/24 marketing years totaled 83,100 tons. Both figures arrived on the low-end of forecasted ranges, with analysts expecting wheat between 100,000 tons and 400,000 tons and corn between 0 and 800,000 tons.
In premarket trading, CBOT grain futures are down as traders pare risk before the weekend. Most-active corn futures are down 3.3%, soybeans are down 2.5%, and wheat is down 2.2%.
To see related data, search “U.S. Export Sales: Weekly Sales Totals” in Dow Jones NewsPlus.
Write to Kirk Maltais at [email protected]
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