News

Export Sales of U.S. Wheat Reach Peak in 2023/24 Marketing Year

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Andrew R. Michaud

• August 11, 2023

The latest data from the U.S. Department of Agriculture reveals that export sales for U.S. wheat have reached their peak in the 2023/24 marketing year. For the week ending on August 3, a total of 567,600 metric tons of wheat were sold, marking the highest sales volume for this marketing year. This figure represents an 86% increase compared to the previous four-week average.

Strong Performance of Corn and Soybean Sales

In addition to wheat, corn and soybeans have also shown impressive sales figures for the 2023/24 marketing year. A total of 758,400 tons of corn and 1.1 million tons of soybeans were sold. Although sales were lighter for both commodities in the 2022/23 marketing year, there were still 406,600 tons of soybeans sold.

Distinction Between Marketing Years

The 2023/24 marketing year encompasses the crops that were grown during the spring and summer seasons. On the other hand, the 2022/23 year covers crops that were grown and harvested in 2022.

Key Buyers by Country

During the reported week, the Philippines emerged as the leading buyer of U.S. wheat, while Mexico secured its position as the leading purchaser of corn. China took the top spot as the leading buyer of soybeans.

Positive Impact on Grain Futures Trading

As a result of these strong export sales figures, grain futures trading on the CBOT is performing well in pre-market activity. Corn futures are up by 0.4%, soybean futures have risen by 0.6%, and wheat futures have increased by 0.5%.

For related data, you can search "U.S. Export Sales: Weekly Sales Totals" in Dow Jones NewsPlus.