Wheat Export Sales Hit Marketing Year High

The Department of Agriculture has reported a significant increase in wheat export sales for the week ending Oct. 5. According to the weekly export sales report released by the USDA, total wheat sales reached an impressive 652,000 metric tons. This falls within the higher range of expectations provided by analysts surveyed by The Wall Street Journal, who had predicted sales between 250,000 and 700,000 tons.

Notably, both corn and soybean sales also exceeded analyst expectations. Corn sales totaled 997,800 tons, surpassing the predicted range of 680,000 to 1.2 million tons. Similarly, soybean sales reached 1.06 million tons, slightly higher than the projected range of 650,000 to 1 million tons.

When it comes to the leading buyers for the week, China takes the top spot for both wheat and soybeans, while Mexico emerges as the primary buyer of corn.

As a result of these positive developments, grain futures on the CBOT have seen an upswing in premarket trading on Friday. Specifically, most-active corn futures have increased by 0.5%, soybeans by 0.5%, and wheat by 1.7%.

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