Net export sales see big falls, despite lower prices for grains and soybean

Net US export sales for grain, corn and wheat fell sharply in the week ending November 9, despite prices softening, with only the figures for corn taking the market by surprise.

Soybean export sales fell 5% to 1.1 million mt on the week and were down 32% on the four week average, according to USDA figures, compounding what has been a bearish week for soybeans.

Despite falling corn prices, net export sales for corn fell a chunky 60% to 949,500 on the week, down 37% on the four week average and falling well short of analyst expectations of 1.2-1.7 million mt.

While wheat fell 37% on the previous week to 489,300 mt, which was also down 7% for the four week average. The figures for wheat and soy were in line with market expectations.