The USDA says export sales of soybeans and wheat dropped to marketing-year lows in the seven days ending on April 1, while corn sales were down slightly during the same period. Soybean sales to overseas buyers in the 2020-2021 marketing year that ends on August 31 registered a net loss of 92,500 metric tons after a large cancellation occurred.
Egypt was the biggest buyer at 66,200 metric tons, while Japan took in just shy of 41,000. China canceled shipments totaling more than 216,000 metric tons, resulting in a net loss for the week. Soybean sales for delivery in the next marketing year that starts on September 1 totaled 338,600 tons as China bought 264,000 tons from U.S. inventories. Wheat sales finished the week at 82,000 metric tons, also the lowest point of the marketing year. That’s 67 percent lower than the previous week and down 75 percent from the four-week average. Corn sales last week hit 757,000 metric tons, a five percent drop from the previous week and 54 percent lower than the prior four-week average. Japan was the top corn buyer by bringing in 285,300 metric tons.