Falling soybean and corn exports, missing expectations
By Paulo Trevisani
Net export sales of US soybeans fell from the previous week much more than expected.
In the USDA’s latest weekly export report released on Thursday, net soybean sales for the week ended July 8 totaled just 21,700 tonnes for MY 2020-21, down 66% from compared to the previous week and 76% compared to the average of the previous four weeks. Indonesia was the main destination, with a total of 70,000 tonnes.
Traders polled by the Wall Street Journal had forecast net soybean exports to be between 200,000 and 750,000 tonnes.
Maize sales were also disappointing, at 138,800 tonnes for the 2020-21 season. The result is down 20% from 173,200 metric tonnes the week before, but up 31% from the previous four week average. Maize sales for 2021-22 totaled 133,200 tonnes.
Cereal traders had forecast corn sales to land between 200,000 tonnes and 650,000 tonnes.
China was the main buyer, with 477,600 tonnes.
In pre-market trading on the CBOT on Thursday, the most active corn futures are up 0.1%, to $ 5.60 a bushel. Soybeans are up 0.3% to $ 13.86 a bushel.
To view related data, search for “US Export Sales: Weekly Shipment Totals” in Dow Jones NewsPlus.
Write to Paulo Trevisani at [email protected]