By Kirk Maltais


Export sales of U.S. soybeans fell below the forecasts of analysts surveyed by The Wall Street Journal this week, due mostly to a steep reduction in previously announced sales.

In its weekly export sales report, the Department of Agriculture said that for the week ended March 28, soybean export sales totaled 194,200 metric tons for the 2023/24 marketing year, with no sizable amounts reported for 2024/25. That's down 54% from the prior four-week average, the USDA said, and is also well below estimates from surveyed analysts who pegged the range between 250,000 tons and 700,000 tons.

Derailing this week's sales figures in soybeans was a reduction of 235,000 tons that were previously announced for unknown destinations. This offset buying seen from China, Egypt, the Netherlands, and South Korea, among other countries.

Wheat and corn sales both landed within analyst forecasts for the week - with wheat sales totaling 278,100 tons in the 2023/24 and 2024/25 marketing years, while corn came in at 959,400 tons for both years.

Spring planting has taken the front seat of trader focus in recent sessions, with traders assessing what climate is needed to make them more lucrative. Most-active corn on the CBOT is down 0.3%, soybeans are down 0.6%, and wheat is down 0.1% - a change in pace from recent sessions.


Write to Kirk Maltais at kirk.maltais@gmail.com


(END) Dow Jones Newswires

04-04-24 0917ET