Corn Sales Top Estimates, Soybeans Within Range
Sales of corn to overseas buyers topped estimates and soybeans were within expectations, the U.S. Department of Agriculture said in a report today.
Corn exporters sold 669,200 metric tons to importers in the week that ended on Jan. 7, topping expectations of 400,000 to 650,000 tons. Sales jumped from the prior week were up 14% from the previous four-week average, the USDA said.
Soybean sales totaled 1.13 million tons, within the range of analyst estimates, rising 77% from the prior seven days and 13% from the average, the agency said.
Wheat sales totaled 274,700 tons, a vast improvement from the previous seven days, but still 3% lower than the prior four-week average.
Total commitments to purchase U.S. grains and oilseeds are still down from last year. Corn sales since the start of the marketing year are off 25% versus the same timeframe a year earlier, commitments to buy soybeans are down 11% and wheat sales have dropped 15%, according to the USDA.