March 27, 2023

USDA says corn export sales reach marketing year high

The US Department of Agriculture (USDA) said US corn export sales have reached a marketing year high for the week ended March 16, MarketWatch reported.

Corn sales for the week ending March 16 totalled 3.1 million metric tonnes, a record for the 2022/23 marketing year. For 2023/24, an additional 93,000 tonnes were sold.

Traders surveyed by the The Wall Street Journal projected maize sales over both marketing years ranged from 1.8 million tonnes to 4 million tonnes.

Wheat sales totaled 138,600 tonnes, and soybean sales totaled 351,500 tonnes, both of which were below the low end of trader expectations for both marketing years. 10,800 tonnes of soybean oil were sold, which was a marketing year high.

Significant drops in previously announced sales offset gains for the week for both wheat and soybeans. Soybeans that had previously been sold to unidentified countries were reduced by 222,000 tonnes, while wheat that had previously been sold to unidentified countries was reduced by 142,700 tonnes, along with 25,000 tonnes for Nigeria and 100 tonnes for Panama.

Thursday's premarket trading in grain futures on the CBOT is mixed, with the most active contracts for corn up 1.2%, soybeans essentially unchanged, and wheat up 0.8%.

-      MarketWatch