Corn and soybean weekly sales continue to trail behind the pace needed to meet the US Department of Agriculture (USDA) export forecast, while the wheat marketing year ended with total commitments below USDA forecasts.
Corn sales in the week ended 1 June were 172,000t, well below the 519,000 weekly average needed to meet the USDA export forecast of 45mn t.
The USDA will release the monthly World Agricultural Supply and Demand Estimates (WASDE) report on Friday. In the May WASDE report, the US exports forecast was lowered by 2mn t from the April report.
Japan, South Korea and El Salvador booked 117,000t, 32,000t, and 22,000t of US corn, respectively during the week. Mexico and Honduras booked 44,000t and 28,000t, respectively, for the 2022-23 marketing year, as they cancelled 120,000t and 19,000t, respectively, for the 2023-24 marketing year.
Soybean weekly sales were 207,000t during the week, trailing behind the 282,000t weekly average needed to meet the USDA forecast of 54.8mn t. Japan, Germany, Egypt and South Korea booked 97,000t, 68,000t, 32,000t and 21,000t, respectively.
Weekly US soybean sales for the new marketing year 2023-24 were 264,000t, with China the largest buyer at 131,000t. Mexico, Taiwan, Japan and Thailand also purchased new crop soybeans at 60,000t, 25,000t, 20,000t, and 16,000t, respectively.
With the week ended 1 June being the close of the 2022-23 wheat marketing year, weekly sales were 5,000t and total commitments were 18.6mn t, or 2.4mn t below the USDA forecast of 21.1mn t. Cancellations were 20,000t from unknown destinations, while Colombia, and Mexico booked 17,000t and 14,000t, respectively.
For the 2023-24 marketing year, total US wheat commitments are 3.8mn t with Mexico having already booked 600,000t and the Philippines at 566,000t.
