U.S. soybean exports hit annual peak, corn sales surpass forecasts
2023.11.16 13:29
© Reuters.
WASHINGTON – U.S. agricultural exports witnessed a significant shift in the week ending on Wednesday, with soybean shipments reaching an annual high and corn sales exceeding market expectations, according to the latest USDA report. The surge in soybean exports was primarily driven by a substantial increase in purchases from China.
In detail, soybean exports for the week peaked at 3.92 million metric tons. This marked a notable high for the year, with China accounting for a massive 2.61 million tons of the total sales. The heightened activity in soybean trade highlights China’s robust demand and its impact on U.S. export figures.
Corn also saw an impressive performance during the same period, with sales jumping 78% from the previous week to reach 1.81 million metric tons. These figures surpassed analyst projections, which had estimated corn sales to be between 900,000 tons and 1.7 million tons.
On the other hand, wheat exports did not fare as well, experiencing a significant drop. Sales halved from the previous week, reaching only 176,300 tons, which fell short of analysts’ expectations ranging from 250,000 tons to 500,000 tons.
Despite the uptick in corn sales, Doug Bergman from RCM Alternatives expressed skepticism regarding any substantial increase in CBOT corn prices, citing the lack of a catalyst that could drive such a leap. This sentiment was mirrored in the performance of the most-active CBOT grains contracts, which collectively faced a downturn.
The data underscores the volatility and unpredictability of agricultural commodity markets while highlighting the influence of key international buyers like China on U.S. exports. The agricultural sector will continue to monitor these dynamics closely as they have direct implications for pricing and market trends.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
