Export sales of corn jumped in the week that ended on Feb. 11 as overseas buyers took advantage of a weakened dollar and low prices to make purchases.
U.S. exporters sold 1.05 million metric tons of corn, up considerably from the prior seven-day period, according to the Department of Agriculture. Analysts had forecast sales from 600,000 to 1 million tons.
Colombia was the big buyer, purchasing 285,300 tons of the grain, the USDA said. Mexico wasn’t far behind, buying 231,000 tons.
The value of the greenback dropped 3.2% in the month through Feb. 11. A weaker dollar improves purchasing power for overseas buyers.
Soybean sales fell 15% from the prior week to 567,000 tons, according to the agency. That’s still up 4% from the previous four-week average. China, of course, was the big buyer, purchasing 346,000 tons.
Wheat sales were disappointing at 253,600 tons, though still within the range of analyst estimates for 200,000 to 400,000 tons. Purchases were down 4% from the prior week, but still up 3% from the prior four-week average, the USDA said.
Japan bought 56,600 tons, the Philippines purchased 52,600 tons, including 50,000 that were switched from previously unknown buyers, and Israel took 50,300 tons, the government said.
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