By Kirk Maltais
Net sales of U.S. corn exports for the week ended April 4 came in a marketing-year low, well below expectations for the week's sales totals.
In its latest weekly report, the U.S. Department of Agriculture said corn sales in the 2023/24 marketing year totaled 325,500 metric tons, a marketing-year low that's also 66% down from the previous week. Sales totaled only 9,500 tons for 2024/25, making total sales well below forecasts of analysts surveyed by The Wall Street Journal this week, who forecast sales to land between 750,000 tons and 1.3 million tons.
Soybean sales also fell on the low-end of analyst forecasts, totaling 305,300 tons. Wheat sales fell in the middle of the range forecast by analysts, totaling 355,100 tons across both the 2023/24 and 2024/25 marketing years.
Trader focus is on supply and demand reports released by both the USDA and Brazilian crop agency Conab Thursday. Conab cut its outlook for corn and soybean production more than expected by analysts in its report issued this morning. The USDA will publish its next WASDE report at noon ET Thursday.
In premarket trading, most-active corn is up 0.2%, while soybeans are down 0.3% and wheat is down 0.3%.
Write to Kirk Maltais at kirk.maltais@wsj.com
(END) Dow Jones Newswires
04-11-24 0935ET
