Farm Progress

USDA exports – Corn, soybean sales decrease

Wheat has strong week with sales to China, Mexico

Bob Burgdorfer, Senior Editor

December 30, 2016

2 Min Read
Joe Raedle/Getty Images

Weekly corn and soybean export sales were down from the prior week, as expected, while the wheat sales were up from a week ago and topped trade forecasts.

China was again the leading buyer of soybeans, while Mexico led corn buyers and China led in the wheat, USDA said in its weekly report.

The report put weekly corn sales at 37.7 million bushels, down 23% from the previous week, but matched trade forecasts in a Reuters’s poll. In addition to Mexico, Japan and Peru were leading buyers. Sales of 1.8 million bushels of 2017/2018 corn were led by Mexico, Peru and Honduras.

Soybean sales of 35.8 million bushels for 2016/2017 supplies were down 46% from the prior week. After China, the leading buyers included Spain, the Netherlands and Japan. About 187,000 bushels of 2017/2018 soybeans went to Japan.

The wheat sales of 20.9 million bushels were up 91% from the prior week. After China, the top buyers were Mexico South Korea and Japan. Nearly 530,000 bushels of 2017/2018 wheat went to Mexico.

Chicago’s corn, soybean and wheat markets had little reaction to the export report in the closing minutes of the overnight session. Corn futures closed the session down 1/4 cent in March and down 1/2 in May, January soybeans were down 2-3/4 and March down 3-1/2. March soft red winter wheat futures closed 1-1/4 higher, March hard red winter down 1 and March spring wheat down 2-1/4.

Soymeal export sales of 251,900 metric tons were up 81% from the prior week and beat trade forecasts. Mexico, Vietnam and the Philippines led buyers. Also, 44,500 tons of 2017/2018 soymeal went to Mexico and Nicaragua.

Soybean oil sales of 18,900 metric tons were up 26% from the prior week to match trade forecasts.  The business was led by South Korea, Mexico and Costa Rica.

Sorghum sales of nearly 1.13 million bushels were down sharply from the previous week. China, Mexico and Indonesia led buyers.

123016-export-sales-table.jpg

About the Author

Subscribe to receive top agriculture news
Be informed daily with these free e-newsletters

You May Also Like