U.S. grain exports soar for 2023/24 amid mixed current sales

Projections show strong growth as 2022/23 sales face challenges

{reg}In a recent report, the Department of Agriculture unveiled a significant uptick in export sales for U.S. corn and soybeans in the 2023/24 marketing year. For the week concluding on Aug. 24, 2023, corn sales for 2023/24 reached 991,800 metric tons, while soybean sales for the same period amounted to an impressive 1.12 million tons. In contrast, sales for the ongoing 2022/23 marketing year faced headwinds, with corn sales experiencing a net reduction of 71,700 tons and soybean sales decreasing by a net 50,700 tons.

These reductions primarily stemmed from sales to unknown destinations, a term often interpreted as referring to China in the grain market. On the other hand, wheat sales for the 2023/24 marketing year totaled 329,100 tons, bolstered by strong demand from China.

As the grain futures market on the Chicago Board of Trade (CBOT) shows mixed signals in pre-market trading, with corn up 0.5 percent, soybeans down 0.1 percent, and wheat down 1.3 percent, the grain export landscape appears to be shifting with robust prospects for the 2023/24 season.[/reg]