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US Corn and Soybean Exports Continue Downward Trend

US corn and soybean exports continued their downward trajectory in the week ending June 20, 2024, according to the latest export sales report from the US Department of Agriculture (USDA). This trend contrasts with a significant increase in US wheat sales, highlighting a mixed outlook for the US grain market.

US corn exports for the 2023/2024 marketing year reached 1,177,200 metric tons (MT), marking an 11% decline compared to the prior four-week average. Mexico, Japan, Colombia, South Korea, and China remained the primary destinations for US corn exports.

"Exports of 1,177,200 MT were down 21 percent from the previous week and 11 percent from the prior 4-week average," the report states.

Similarly, net sales of US soybeans for the 2023/2024 marketing year continued to decline, reaching 282,900 MT, a 49% decrease from the previous week and a 19% drop from the prior four-week average. China, the Netherlands, Germany, Mexico, and Malaysia emerged as the leading buyers during this period.

The report highlights the challenges facing the US corn and soybean markets, potentially driven by factors like global supply and demand dynamics, competitor pricing, and ongoing logistical challenges.

In contrast, US wheat sales saw a significant boost, reaching 667,200 MT, a substantial jump from the previous week's figure. This surge is likely linked to growing international demand for US wheat.

"Net sales of 667,200 metric tons (MT) for 2024/2025 [primarily for] the Philippines (102,000 MT), Mexico (86,800 MT, including decreases of 16,000 MT), Japan (71,500 MT), and Thailand (55,900 MT), were offset by reductions for Trinidad and Tobago (1,000 MT)," the report states.