Corn and Soybeans See Strong Sales in New Marketing Year
The new marketing year for corn and soybeans has started on a strong note, according to the latest export sales report from the USDA. For the first three days of September, corn sales reached 75.9 million bushels, while soybean exports jumped to 96.9 million bushels.
Soybean exports were driven by recent flash sales to China, but cumulative sales for the recently concluded marketing year were down 18% at 1.841 billion bushels. Meanwhile, corn export shipments for the start of September reached 30.5 million bushels, with Mexico, Colombia, South Korea, Thailand, and Spain being the top five destinations.
In contrast to the strong performance of corn and soybeans, wheat export sales were sluggish, reaching a marketing-year low of 7.1 million bushels. Wheat shipments, however, were more robust, inching 3% above the prior four-week average to 18.1 million bushels.