Farm Progress

China takes most of the soybeans, Morocco and Nigeria take wheat. USDA exports for Dec. 15, 2016.

Bob Burgdorfer, Senior Editor

December 16, 2016

2 Min Read

Corn, soybean and wheat export sales reported on Thursday were higher for the week and topped trade forecasts, with soybeans posting the biggest increase as China was again the top buyer.

African countries were buyers in the latest week of wheat. Nigeria, which has been a regular buyer, was joined by Algeria, Egypt and Morocco, according to USDA’s weekly export report .

The report put weekly corn sales at 59.7 million bushels, which was up 1% from the previous week. The amount surpassed trade forecasts in a Reuters’s poll by a large margin and was about double the weekly pace needed to meet USDA’s annual forecast. South Korea, Mexico and Japan were the leading buyers.

Also, nearly 950.000 bushels of 2017/2018 corn was sold and went to El Salvador and Mexico.

Soybean sales of 73.8 million bushels were up 44% from the prior week and easily topped the pace needed to meet USDA’s annual projection. After China, the leading buyers included unknown destinations, Indonesia and the Netherlands. Sales of 14.6 million bushels of the 2017/2018 crop went to China, unknown destinations and Japan.

The wheat sales of 19.5 million bushels were up 6% from the prior week and also topped the weekly pace needed to meet USDA’s annual forecast. The business was led by Nigeria, Morocco and China. About 1.2 million bushels of 2017/2018 wheat went to the Philippines. Nigeria took mostly hard red winter with some soft red winter, white and durum, while Morocco took hard red winter.

Farm Futures attributes the sales to Africa to the availability of low-priced U.S. hard red winter from the U.S. Gulf at a time of tight supplies of high-protein wheat from Canada and northern Europe.

Also on Thursday, USDA reported daily sales of 4.85 million bushels of 2016/2017 soybeans to China. This sale will be included in a future weekly export report.

Chicago’s corn, soybean and wheat markets had little reaction to the export report in the closing minutes of the overnight session. Corn futures closed the session down 1-1/2 cents in both March and May, January soybeans were down 1-3/4 and March down 2. March soft red winter wheat futures closed 2-3/4 cents lower, March hard red winter 3-1/4 lower and March spring wheat up 1-1/4.

Soymeal export sales of 200,000 metric tons were down 10% from the prior week and matched trade forecasts. Mexico, Colombia and Canada led buyers. A 200-ton sale of 2017/2018 soymeal went to Canada.

Soybean oil sales of 40,300 metric tons were up sharply the prior week and beat trade forecasts by a small margin. The business was led by South Korea, Mexico and unknown destinations. Also, 500 tons of 2017/2018 soybean oil went to Mexico

Sorghum sales of 10.2 million bushels topped last week’s net reduction. China and unknown destinations were the leading buyers.

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