US New-Crop Corn and Soybean Export Sales Surge, USDA Reports

U.S. exporters reported a significant increase in new-crop sales of corn and soybeans for the week ending August 13, signaling strong international demand. The data, released Thursday by the U.S. Department of Agriculture (USDA), is being closely watched by traders as it helps offset price pressure from the agency's recent forecasts for a larger domestic harvest.

Weekly Sales Highlights

Net sales commitments for the period were driven by strong interest in crops for the upcoming marketing year. The USDA report detailed the following key figures:

• Corn: Net commitments rose by 1.05 million metric tons, with 816,100 tons designated for the next marketing year.
• Soybeans: Net commitments increased by 1.81 million metric tons, of which 1.72 million tons were for the new crop.
• Soymeal: Commitments saw a notable rise of 478,800 tons.
• Wheat: Net commitments increased by a more modest 393,700 tons.

Market Context and Annual Totals

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While the weekly sales were robust, the year-over-year picture presents a mixed view for total commitments. Total corn commitments now stand at 87.74 million tons, a substantial increase from 70.49 million tons at the same point last year.

In contrast, total soybean commitments are at 41.87 million tons, which remains below the 51.00 million tons recorded a year prior. This suggests that while recent demand has picked up, cumulative sales for the year are still catching up. Wheat commitments also trail last year's pace, totaling 7.87 million tons compared to 11.52 million tons previously.

Other Commodity Exports

The USDA report also provided sales updates across other agricultural sectors. Net sales for U.S. beef and pork rose by 9,300 tons and 27,300 tons, respectively. Cotton commitments increased by 274,300 running bales, while rice sales grew by 38,800 tons. Soyoil commitments were mostly unchanged, adding just 1,200 tons.