The latest export sales report from the Department of Agriculture revealed that export sales of U.S. soybeans for the week ended Feb. 22 fell below analyst estimates.
Sales Details
- Total soybean sales for the 2023/24 marketing year amounted to 159,700 metric tons.
- Despite an increase from the previous week, the total missed the low end of estimates from analysts surveyed by The Wall Street Journal.
- The reduction of 392,600 tons previously sold to unknown destinations contributed to this outcome.
Corn and Wheat Sales
- Corn sales, totaling 1.25 million tons across the 2023/24 and 2024/25 marketing years, hit the high end of forecasts.
- Wheat sales reached 322,100 tons across both marketing years, falling on the lower side of forecasts.
Market Update
- CBOT grains are down in pre-market trading Thursday.
- Most-active corn is down 0.7%, soybeans down 1.1%, and wheat down 0.4%.
For additional data, refer to "U.S. Export Sales: Weekly Sales Totals" in Dow Jones NewsPlus.
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