U.S. Soybean Export Sales Show Strong Growth

In the latest weekly export sales report from the Department of Agriculture, it has been revealed that export sales for U.S. soybeans have nearly doubled compared to the previous week. The data shows that for the week ended Dec. 14, U.S. soybean export sales totaled an impressive 1.99 million metric tons for delivery in the 2023/24 marketing year. According to the agency, this is an 84% increase from last week’s figures. Additionally, an extra 144,000 tons have been sold for delivery in 2024/25, bringing the combined total for the week to over 2 million tons – aligning with expectations from analysts surveyed by The Wall Street Journal.

Leading the pack of soybean buyers for the week were unknown destinations, followed closely by China, Spain, Indonesia, and the Netherlands.

Corn and wheat net sales also fell within the range predicted by analysts. Wheat sales were on the lower end of expectations at 325,900 tons for both 2023/24 and 2024/25, while corn sales hit the middle of projections at 1.01 million tons.

Looking at pre-market activity, CBOT grains are experiencing mixed results in what analysts describe as quiet pre-holiday trading. Most-active corn is up by 0.2%, while soybeans are down by 0.3% and wheat has increased by 0.8%.

For more information on related data, search for “U.S. Export Sales: Weekly Sales Totals” in Dow Jones NewsPlus.