Jan. 26, 2107

Corn and wheat export sales had solid gains in the latest USDA’s weekly report with the wheat business the highest yet for its market year, which began June 1.

Soybean sales of 19.8 million bushels were lower for the week, as expected, but matched trade forecasts. There was one cancellation of 7.6 million by unknown destinations. Some cancellations have been expected as buyers may switch some business to Brazil, which is harvesting now.

Weekly corn sales of 54 million bushels were up 2% from the previous week with unknown destinations and Colombia the leading buyers. Some of those sales were announced last week via USDA’s daily reporting program. Nearly, 827,000 bushels of 2017/2018 corn were sold to Mexico.

The soybean sales of 19.8 million bushels were led by China, Mexico and South Korea. Sales of 2017/2018 soybeans totaled 4.6 million and went to unknown destinations.

Weekly wheat sales of nearly 31.4 million bushels for 2016/2017 were up noticeably from a week ago with unknown destinations, Morocco and Indonesia the leading buyers. Also, 3.8 million bushels of 2017/2018 wheat went to South Korea.

In Chicago futures’ overnight session, corn trimmed its losses after the report while soybeans maintained their losses. Winter wheat futures turned higher after the numbers. At the end of the overnight session, March and May corn were each 3/4 cent lower. March soybeans were3 cents lower and May was 2-3/4 lower.

CBOT March soft red winter wheat futures closed the session 1-1/4 cents higher and May 1-1/2 higher. Kansas City’s March and May hard red winter wheat were each 2-1/2 cents higher. March spring wheat was up 3-1/2 and May up 1-3/4.

Soymeal export sales of 276,800 metric tons were up 3% from the previous week. The Philippines, Pakistan and Vietnam led buyers. A sale of 6,100 metric tons of 2017/2018 soymeal went to Nicaragua.

Soybean oil sales of 49,500 metric tons were up 19% from the prior week. Morocco, the Dominican Republic and unknown destinations led buyers.

Sorghum sales of 3.01 million bushels were up 34% from the previous week with unknown destinations, Japan and Mexico the leading buyers.