Export sales dropped to a new low in the marketing year last week, while soybeans and wheat sales improved. USDA data says corn sales to overseas customers dropped to 115,900 metric tons in the seven days that ended on February 25. That’s 74 percent lower than the previous week and 96 percent lower than the prior four-week average.
Sales were still solid to China as the southeast Asian nation bought 1.05 million metric tons of corn, followed by Mexico at 181,900 tons.
The USDA report says unnamed buyers canceled shipments totaling 1.76 million metric tons. On the other hand, exports last week totaled 2.01 million metric tons, a high point for the current marketing year and 69 percent higher week-to-week.
Soybean sales totaled 334,000 metric tons, higher than the prior week but 33 percent lower than the previous four-week average. Mexico was the big buyer at 139,700 metric tons, but unknown buyers canceled 351,400 tons of soybeans that same week. Exports rose 18 percent to 1.16 million metric tons last week.
Wheat sales were 219,200 metric tons, a 31 percent increase from the previous week but 51 percent lower than the four-week average.