Soybean futures moved higher this morning, following generally upbeat news about new crop export sales. Wheat and corn exports eased from the previous week, keeping those markets struggling.
With the 2016/17 marketing year winding down, old crop corn sales totaled 4.0 million bushels and new crop sales were at 16.7 million bushels. The total was below last week’s level of 28.9 million bushels and also was behind trade guesses.
Corn shipments last week of 28.5 million bushels were up 4% from the previous period, but continue to run behind the rate forecast by USDA for the 2016 crop. That’s not unusual, and final exports could still top USDA’s forecast. Top destinations last week were South Korea, China, Colombia, Peru and Mexico.
New crop soybean sales are on the upswing, but still hover around an eight-year low. Even after factoring in old crop cancellations, an influx of new crop sales lifted total volume to 59.1 million bushels. That was 21% higher than a week ago, and China again accounted for the largest share of the business.
USDA separately announced additional new crop sales to China under its daily reporting system of 4.85 million bushels.
Wheat bookings fell to 14.2 million bushels last week, below trade estimates but slightly above the rate forecast by USDA for the rest of the 2017 marketing year. Shipments of 18.4 million were also in line with the government’s forecast.
Old crop soybean oil sales slid 39% from the previous week. Total old and new crop sales were 22,100 metric tons for the week. Primary destinations include the Dominican Republic, Mexico, Colombia and Canada.
Sorghum exports, headed primarily to China, are down 32% from a week ago.