Export sales of corn and wheat increased in USDA’s latest weekly report and topped trade forecasts, while soybeans had a down week although that business still exceeded the weekly pace needed to meet USDA’s annual projections.
Old-crop corn sales of 44.8 million bushels were up 59% from the previous week with regular customers Mexico, Colombia and Japan the leading buyers. The sales easily exceeded the weekly pace needed to meet USDA’s annual forecast. New-crop sales of nearly 1.4 million bushels were down from a week ago and missed trade forecasts in a Reuters’ poll. Mexico and Guatemala were the buyers.
Old-crop soybean sales of 17.7 million bushels were down 29% from the prior week with China, the Netherlands and Indonesia the top markets. About a third of the China business was switched from unknown destinations. There were 14.5 million in new-crop sales, up a little from a week ago, which went to China, unknown destinations, Mexico and Japan. Some of China’s new-crop sales were announced last week via USDA’s daily reporting system.
Weekly wheat sales of 20.9 million bushels were up 23% for the week and topped trade forecasts by a hefty margin, although the sales were short of the projected pace needed to meet USDA’s annual forecast. Unknown destinations, Taiwan and Algeria were the leading buyers. There were about 3.2 million bushels of 2017/2018 sales, which was down from a week ago, and led by the Philippines, unknown destinations and Mexico.
In Chicago futures’ overnight session, corn, soybean and wheat futures had little reaction to the exports. At the end of that session, May and July corn were each unchanged and May and July soybeans were each up 1-1/4 cents.
CBOT May soft red winter wheat futures closed the overnight session up ¼ cent and July unchanged. Kansas City’s May hard red winter wheat was up 1 and July up 3/4 cent. In spring wheat, May and July were each up ¾ cent.
Soymeal export sales of 229,100 metric tons were up from the previous week and matched trade forecasts. Colombia, the Philippines and Thailand led buyers. New-crop business of 2,800 metric tons was an improvement from last week’s net reduction with Japan and Nicaragua the buyers.
Soybean oil sales of 22,400 metric tons were up 79% from a week ago and beat trade forecasts with South Korea, Mexico and the Dominican Republic the leading buyers.
Sorghum sales of nearly 5.13 million bushels were up sharply from a week ago with China, unknown destinations and Mexico the leading buyers.