By Kirk Maltais
Export sales of old-crop U.S. corn hit a marketing-year low this week, the USDA reported.
In its weekly report covering sales for the week ended June 9, the USDA said that sales of corn for the 2021/22 marketing year totaled 140,900 metric tons--a marketing-year low, down 50% from the previous week and 45% lower from the prior 4-week average. Meanwhile, net sales for 2022/23 totaled 138,900 tons.
Combined sales across both marketing years fell on the low end of forecasts by traders surveyed by The Wall Street Journal this week, with traders expecting sales to total anywhere from 275,000 tons to 800,000 tons. Leading buyers of U.S. corn for the week include Mexico and Japan.
Meanwhile, net sales of wheat totaled 236,900 tons for the week, while soybean sales across both marketing years totaled 724,800 tons. Both totals fell within trader expectations, with soybean sales hitting the high end of forecasts.
Grain futures on the CBOT are higher in pre-market trading Thursday, with corn futures up 1%, soybeans up 0.6%, and wheat is up 0.6%.
To see related data, search "U.S. Export Sales: Weekly Sales Totals" in Dow Jones NewsPlus.
Write to Kirk Maltais at kirk.maltais@wsj.com
(END) Dow Jones Newswires
06-16-22 0910ET
