US Soybean Exports to China Boost Amid Falling Corn, Wheat Inspections
2023.10.23 15:43
© Reuters.
U.S. soybean export inspections have seen an increase due to robust shipments to China, according to the Department of Agriculture data. The total shipments for the week ending on Sunday, October 19, 2023, amounted to 2.46 million tons, up from 2.04 million tons from the previous week. Over 2 million tons were destined for China.
On the other hand, inspections for corn and wheat exports experienced a drop. Corn inspections fell to 437,549 tons and wheat inspections to 168,868 tons. Mexico and Taiwan were the primary destinations for these commodities.
Following these developments, commodity futures traded mixed on the Chicago Board of Trade (CBOT). Corn futures dipped by 0.7%, and soybeans also saw a decrease of 0.5%. However, wheat futures bucked the trend with a rise of 1.3%.
This agricultural data is crucial as it provides insight into the demand for U.S. grain in international markets. It can also influence the prices of these commodities on global exchanges.
The Department of Agriculture regularly publishes such data, which is closely watched by traders and investors in the agricultural sector for signs of changes in supply and demand dynamics. The latest figures are accessible on Dow Jones NewsPlus under “USDA Grain Inspections for Export in Metric Tons”.
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