Slow pace continues for soybean and corn export sales in the US

Old crop U.S. corn and soybeans continue to see slow export demand near the end of the marketing year. The USDA says corn sales during the week ending June 22nd improved slightly from the previous week, but were lower than average, while soybeans fell sharply, both getting a lot of competition from Brazil. With just over two months remaining in the current marketing year for beans and corn, sales and shipments are behind last marketing year. Old crop cotton, rice, sorghum, and soybean oil, and new crop wheat sales were above a week ago. Beef, pork, and old crop soybean meal sales were down. Export demand is governed by several factors, including seasonal trends and currency movement. The USDA’s next set of supply and demand estimates is out July 12th.Physical shipments of corn, soybeans, and wheat were less than what’s needed to meet USDA projections for the current marketing year. The 2023/24 marketing year got underway June 1st, 2023 for wheat, while 2022/23 kicked off August ...