Export Sales of U.S. Grains Meet Analyst Forecasts

By Kirk Maltais

Export sales of U.S. grains in recent weeks aligned with the predictions of analysts surveyed by The Wall Street Journal.

According to the Department of Agriculture’s latest report, which covers export sales through the week ending July 20, corn sales for the 2022/23 and 2023/24 marketing years totaled 650,000 metric tons. Likewise, soybean sales reached 743,100 tons across both marketing years, while wheat sales totaled 233,200 tons for 2023/24.

All three figures fell within the ranges forecasted by survey analysts this week. Corn sales were projected to range from 425,000 to 1 million tons, soybeans from 300,000 to 1.2 million tons, and wheat from 150,000 to 500,000 tons.

It should be noted that grain futures are influenced by various risk factors beyond export sales, explained Doug Bergman of RCM Alternatives. Despite perceiving the grain markets as overbought, Bergman believes there is still substantial upside potential once traders develop a stronger appetite for risk.

In pre-market trading on the Chicago Board of Trade, grain futures are showing positive trends. The most-active corn futures are up by 0.1%, soybeans by 0.6%, and wheat by 0.1%.

For more related data, refer to “U.S. Export Sales: Weekly Sales Totals” on Dow Jones NewsPlus.