Weekly soybean export sales for the current crop year nearly doubled from the prior week’s business and the new-crop business also was up. Both sales beat trade forecasts in a Reuters’ poll.
Old-crop corn sales in USDA’s weekly export report were down and missed forecasts, while new-crop business was up sharply from the previous week’s to beat forecasts.
Weekly soybean sales of 32.7 million bushels were up 93% for the week with China, unknown destinations and Germany the top markets. Most of China’s business was a switch from unknown destinations. New-crop sales of 7.6 million were up from a week ago and beat forecasts with Japan and unknown destinations the leading buyers. The old-crop sales easily topped the weekly pace needed to meet USDA’s annual forecast.
Venezuela cancelled a small amount of old-crop soybeans. Cancellations are being watched on ideas some countries may switch business to Brazil, which is harvesting now.
Weekly corn sales of 30.9 million bushels were down 19% from the previous week with Japan, Peru and Mexico the leading buyers. About 11.2 million bushels of 2017/2018 corn went to Japan, Mexico and Costa Rica. The old-crop sales topped the weekly pace needed to match USDA’s annual forecast.
Weekly wheat sales of 20.9 million bushels were up 8% from a week ago with unknown destinations, Mexico and Nigeria the leading buyers. The sales were short of the weekly pace to meet USDA’s annual number. Also, about 700,000 bushels of 2017/2018 wheat went to unknown destinations and Honduras.
In Chicago futures’ overnight session, corn, soybean and wheat futures had little reaction to the exports. At the end of that session, March corn was down ¼ cent and May down 1/2. March soybeans were down 1 and May down ¾ cent.
CBOT March soft red winter wheat futures closed the overnight session up ¼ and May was unchanged. Kansas City’s March hard red winter wheat was down ¾ cent and May down 1-1/2. March spring wheat was down 3/4 and May down 1/4.
Soymeal export sales of 121,300 metric tons were down 65% from the previous week and missed trade forecasts. Unknown destinations, Peru and Mexico led buyers.
Soybean oil sales of 9,900 metric tons were down 72% for the week with unknown destinations, Peru and Mexico the leading buyers.
Sorghum sales of 5.3 million bushels were up from the previous week with China, Japan and South Africa the leading buyers.