USDA Reports Mixed Export Sales, Corn Futures Take Hit

Corn and soybean futures took a hit in overnight trading due to technical selling and mixed reports from the USDA. The export sales report showed that overseas buyers of corn declined week-to-week, but soybean sales soared.

The USDA's export sales report revealed that corn purchased by foreign buyers totaled 536,000 metric tons in the seven days through Sept. 24, down from 838,300 tons the previous week. Mexico was the largest buyer of U.S. corn at 252,200 tons, followed by Colombia and South Korea.

In contrast, soybean sales jumped to 1.03 million metric tons from 582,400 tons the week prior. China led the charge with 589,400 tons purchased, followed by Egypt and Algeria.