Sales of U.S. soybeans in the week ending July 27 significantly exceeded expectations, marking a substantial increase from the previous week's figures. The Department of Agriculture reported that soybean sales across the 2022/23 and 2023/24 marketing years reached a total of 2.72 million metric tons, surpassing last week's sales of 743,100 tons. Analysts had predicted sales between 1.6 million tons and 2.6 million tons, but the actual numbers surpassed even the highest forecast.
However, corn sales fell below analyst expectations for the week, amounting to a total of 456,400 tons across both marketing years. Wheat sales, on the other hand, remained within analyst predictions, totaling 434,700 tons.
The significant growth in soybean sales may lend some support to futures on the Chicago Board of Trade today, while the weaker performance of corn sales could potentially exert more pressure. Doug Bergman of RCM Alternatives noted in a statement, "Disappointing old crop corn sales and very strong new crop bean sales. Everything else is pretty ho-hum."
In premarket trading, active corn futures experienced a slight decline of 0.4%, while soybeans saw a 0.4% increase and wheat remained unchanged.
For more detailed data, please search for "U.S. Export Sales: Weekly Sales Totals" in Dow Jones NewsPlus.