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Corn Sales Jump, Bean Purchases Plunge, Export Sales Report Shows

Corn sales jumped in the week that ended Jan. 28 while soybean sales plunged. 
U.S. exporters reported corn sales of 1.13 million metric tons to overseas buyers, according to the Department of Agriculture. That's up 38% from the prior week and 58% from the previous four-week average. Mexico was the biggest buyer, purchasing 301,400 tons, with Colombia not too far behind at 248,300 tons. 
Soybean sales, on the other hand, plunged to a marketing year low of negative-43,600 tons. Unknown buyers canceled 374,900 tons worth of soybean orders, China canceled 55,200 tons worth of shipments, and Tunisia backed out of an order for 2,700 tons, according to the USDA. 
Wheat export sales also were at a marketing year low of 66,200 tons, down 78% from the previous seven-day period and 74% from the four-week average. Yemen was the biggest buyer, purchasing a paltry 32,000 tons of U.S. wheat. Mexico bought 14,200 tons.
Total commitments from overseas buyers since the start of the marketing year have dropped for all three commodities. Corn sales are down 25%, soybean purchases have declined 11%, and wheat sales are off by 17% from the same time frame a year earlier, according to the USDA. 

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