Farm Progress

Old-crop corn, soybean sales drop

Bob Burgdorfer, Senior Editor

May 4, 2017

2 Min Read
maciek905/Thinkstock

Weekly export sales of wheat increased for both old-crop and new-crop supplies with sales for both beating trade estimates.

Old-crop corn and soybeans sales were down for the week, but matched forecasts. New-crop corn sales were up from a week ago, while next-crop soybeans were down, USDA said on Thursday. However, new-crop corn sales missed trade forecasts in a Reuters poll while soybeans matched them.

Old-crop wheat sales of nearly 9.5 million bushels were about four times greater than a week ago even as that crop year winds down. The Philippines, Thailand and Nigeria led buyers. The wheat crop year ends May 31. New-crop wheat sales of 20.7 million bushels were up considerably from a week ago, with unknown destinations, Algeria and South Korea the leading buyers.

In corn, old-crop sales of 30.3 million bushels were down 22% from a week ago and led by the Japan, Mexico and South Korea. New-crop sales of 948,817 bushels were up from the prior week and matched forecasts, with Peru and unknown destinations the buyers.

Old-crop soybean sales of 11.7 million bushels were down 57% from the prior week with the Netherlands, Indonesia and China the leading buyers. Some of the business to the Netherlands and Indonesia was switched from unknown destinations. There were about 470,300 million bushels in new-crop sales, which were down from a week ago and led by Japan, unknown destinations and South Korea.

In Chicago futures’ overnight session, crop markets had little reaction to the numbers. At the end of that session, May corn was down 3-1/2 cents and July down 3-1/4. May soybeans were down 3-3/4 cents and July down 2-1/4.

CBOT May soft red winter wheat futures closed the overnight session down 5 and July down 4-3/4. Kansas City’s May hard red winter wheat was down 2-3/4 and July  was down 5. In spring wheat July was down 3-3/4.

Soymeal export sales of 103,600 metric tons were down 8% from the previous week but matched trade forecasts. Bangladesh, Honduras and Venezuela led buyers. New-crop business of 6,300 metric tons was up considerably from the prior week with unknown destinations the buyer.

Soybean oil sales of 10,600 metric tons were up from the prior week’s net cancellation. Mexico, Dominican Republic and Trinidad led buyers.

Sorghum sales of nearly 4.04 million bushels were up 62% from a week ago and led by unknown destinations, China and Mexico.

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