Corn and Wheat Exports Sales Drop to Marketing Year Lows

The USDA says export sales of corn and wheat dropped to marketing-year lows last week while soybean sales plunged. Corn sales to overseas buyers dropped to 453,300 metric tons in the seven days that ended on February 18. That’s down 55 percent from the previous week and 85 percent from the previous four-week average. It’s also the lowest point since the 2020-2021 marketing year began last September 1. Peru was the biggest buyer at over 160,000 metric tons, followed by Vietnam and Japan. Unknown countries canceled shipments of just over 300,000 metric tons. Total exports fell 14 percent to 1.19 million metric tons. Wheat sales totaled 167,700 metric tons, down 58 percent week-to-week and 67 percent from the four-week average, the lowest level since the marketing year got started. Soybean sales to offshore buyers plunged to 167,900 metric tons, 63 percent lower than the prior week and 72 percent from the four-week average. The Netherlands was the top buyer at 139,100 metric tons, followed by Japan and Germany.